On 8 October, the UK added three Kyrgyzstan-registered companies and one Kyrgyz official to its sanctions list, according to a notice from the British Foreign Office. The designations target OJSC Processing KG, CJSC TokenSpot, LLC Tsunami Payments and Processing KG director Ulan Bukabaev. All four were listed under the UK's Russia sanctions regime.
As reported by Economist.kg, the companies face asset freezes, restrictions on trust and internet services, and a ban on UK banks maintaining correspondent relationships with them. British financial institutions are also barred from making payments to, from or through the companies. London says there are reasonable grounds to suspect the companies of activities that benefit or support the Russian government.
The most prominent name on the list is Processing KG. Its sanctions entry names the Kyrgyz Finance Ministry as its parent structure. According to Economist.kg, the ministry became the company's sole shareholder in July 2025. The company was assigned the identifier RUS3756. It is developing the VexPay payment platform, a B2B service for international trade based on promissory notes backed by the Kyrgyz government. Processing KG itself handles the issuance, transfer and settlement of these notes. The British document also lists vexpay.net among the company's websites.
In summer 2025, Bukabaev said the new processing centre would handle trade and financial operations and would become an analogue of SWIFT. A few days ago, the Financial Times reported that representatives of the Russian A7 network presented VexPay to Kyrgyz officials in April 2025 as an alternative to SWIFT. The Finance Ministry and Processing KG denied claims of external control. The British justification does not name A7 as a reason for the sanctions. London has banned Bukabaev from entering the country and restricted his right to hold director positions.
TokenSpot (RUS3758) is a cryptocurrency exchange registered in Bishkek and aimed at users from Russia and other CIS countries. According to the description on its website, the platform allows users to buy and sell cryptocurrency for roubles and other currencies. It lists bank deposit and withdrawal methods, spot and futures markets, and an OTC section. An overview on crypto.ru says the exchange operates under a licence from the financial regulator under the Kyrgyz Ministry of Economy. The UK accuses the company of operating in the Russian financial sector, which London considers strategic.
Tsunami Payments (RUS3763) is a payment company registered on 7 February 2024. On 20 June of that year, the National Bank issued it two licences: one to process and clear third-party payments, the other to accept and conduct payments for goods and services. Its website describes it as an internet acquiring platform that accepts cards, SBP and SberPay payments, recurring payments and branded payment forms. At the time, Pavel Nechaev and Roman Morev were named as founders and Melis Umarkhodzhaev as director. The registry now lists a different head, Kuvat Shabdanaliyev, and the company's status is «re-registration."
Inclusion on the British list does not automatically mean Kyrgyz banks will block accounts. The restrictions are binding primarily on British persons and on operations under UK jurisdiction. However, banks and companies in other countries may refuse transactions if they consider the risks too high, which is especially sensitive for international payments and currency operations.
London's decision came a week after US sanctions. On 1 October, the US Treasury imposed sanctions on A7 Network. The Financial Crimes Enforcement Network (FinCEN) pointed to Kyrgyzstan's significant role in its operations. A7 sub-agent companies processed more than $17 billion between January 2025 and June 2026.
