The British government sanctioned crypto entrepreneur Justin Sun’s global crypto exchange HTX on suspicion of supporting the Russian government, placing a spotlight on a billionaire who until recently was a key backer of the Trump family’s cryptocurrency businesses, the Wall Street Journal reported. The U.K. Foreign Office said that HTX provided financial services to two businesses strategically significant to authorities in Russia: a Kremlin-backed crypto network called A7, and a Moscow-based crypto exchange named Garantex. Both have been previously sanctioned by U.S. authorities.

Russian company Monocrystal, which was one of the world's leading producers of synthetic sapphires used in the production of missiles and drones among other applications, is declaring bankruptcy, The Moscow Times reported. The manufacturer, which is part of the Energomera concern, notified creditors of its intention to file for bankruptcy with the Arbitration Court of Russia's Stavropol Krai.

Russia's State Duma passed a comprehensive crypto regulation bill in its first reading, establishing the country's first formal framework for digital asset regulation while maintaining restrictions on domestic cryptocurrency payments, Decrypt.com reported. Per reports in local media, the legislation would classify cryptocurrency as property, enabling legal protection in court proceedings including bankruptcy and divorce cases. Non-qualified investors would face annual purchase limits of 300,000 rubles (around $3,900), while professional participants would encounter no such restrictions.

Russia-linked sanctioned crypto exchange Grinex said on Thursday it had ‌suspended operations after assets worth 1 billion ‌roubles ($13.10 million) were stolen during a cyber attack, Reuters reported. Grinex, which is ​based in Kyrgyzstan but linked to Russia, was sanctioned by the U.S., the UK and the European Union last year. In a statement posted on ‌its Telegram channel, ⁠the exchange accused "foreign intelligence services" of unfriendly states of being involved in ⁠the attack. Reuters was not able to verify this claim.

Russia’s central bank Friday cut its key interest rate for a seventh straight meeting, despite a surge in oil prices following the U.S.-Israel attack on Iran that promises to boost an economy that had been faltering, the Wall Street Journal reported. The Bank of Russia lowered borrowing costs to 15% from 15.5%, down from a 2025 peak of 21%.

The U.S. is moving to sever a small Swiss bank from access to the U.S. financial system for its alleged support for Iranian and Russian actors, as U.S. and Iranian officials hold indirect talks Thursday in Geneva over Tehran’s nuclear negotiations, the Associated Press reported. Treasury’s Financial Crimes Enforcement Network proposed a federal regulation Thursday that, if finalized, would prohibit U.S. institutions from doing business with MBaer Merchant Bank AG, which has no relation to the larger Swiss bank Julius Baer. The bank is accused of funneling over $100 million through the U.S.

Ukraine will see less economic growth this year due to extensive destruction of Ukraine's energy infrastructure by Russia over the winter, an international development bank said Thursday, as businesses struggle to keep going into the fifth year of Russia's invasion, the Associated Press reported. The European Bank for Reconstruction and Redevelopment halved its 2026 growth forecast for the country to 2.5% in its current outlook from 5% growth in the previous estimate from September.