Russian Entities Evading Sanctions Through Cryptocurrency Platforms, Elliptic Reveals
According to blockchain analytics firm Elliptic, several cryptocurrency platforms are continuing to provide services to Russian entities under sanctions, even as regulatory scrutiny intensifies.
A network of five cryptocurrency platforms is reportedly facilitating sanctions evasion for Russian users, stepping in to replace the void created when Russian platform Garantex was shut down in the previous year, as detailed by blockchain intelligence company Elliptic.
In a Saturday report, Elliptic identified the cryptocurrency platforms Bitpapa, ABCeX, Exmo, Rapira and Aifory Pro as enablers of Russian ruble-to-cryptocurrency exchanges. Once converted to digital assets, these funds can be moved internationally "without passing through any intermediaries" before being exchanged back into different fiat currencies.
Despite growing regulatory pressure, many of these exchanges, some with nominal registrations outside Russia, still facilitate high volumes of cryptoasset trading linked to sanctioned entities.
This network of exchanges allegedly emerged following the March takedown of Garantex's online platform by law enforcement, a Russian exchange that faced extensive sanctions in the middle of 2022 for enabling cryptocurrency transactions connected to criminal activities and assisting Russia in circumventing sanctions that were implemented following its invasion of Ukraine during that same year.
According to a report published by Chainalysis in the previous month, sanctions enforcement resulted in cryptocurrency received by addresses associated with illegal activity reaching $154 billion in 2025 — an all-time high — attributable to "unprecedented volumes associated with nation-states."
Bitpapa is the only exchange already sanctioned
Among the platforms investigated by Elliptic, Bitpapa stood as the sole exchange that had previously faced sanctions, following its designation by the US Treasury's Office of Foreign Assets Control (OFAC) in March 2024 for facilitating the circumvention of sanctions.
Elliptic's research revealed that approximately 9.7% of cryptocurrency flowing out from Bitpapa ends up with targets designated by OFAC sanctions, and noted that the platform "manages its wallets specifically to evade sanctions enforcement by constantly rotating addresses."
According to Elliptic's findings, the platform ABCeX maintains operations from an office located in Moscow's Federation Tower, the identical facility previously used by Garantex, and has facilitated transactions involving at least $11 billion worth of cryptocurrency, with "significant amounts" being transferred to both Garantex and Aifory Pro.
Among its most notable discoveries, Elliptic asserted that Exmo remains operational within Russia, contradicting the exchange's claim that it withdrew from the nation following the Ukrainian invasion by divesting its Russian operations to Exmo.me.
According to the analytics firm's investigation, Exmo.com and Exmo.me "continue to share the same custodial wallet infrastructure" enabling "funds from the Russian-facing platform to be co-mingled with the Western-facing entity" and have completed more than $19.5 million in direct transfers with entities under sanctions.
Elliptic's report also examined Rapira, a cryptocurrency platform headquartered in Georgia that operates a Moscow office, which the firm claims has participated in over $72 million worth of direct transfers with the sanctioned platform Grinex, the exchange that succeeded Garantex.
Completing Elliptic's list was Aifory Pro, a platform operating across Moscow, Dubai and Türkiye that "explicitly facilitates the bypass of service restrictions" through the provision of virtual payment cards powered by USDt (USDT) capable of purchasing foreign services that are blocked within Russia.
Earlier this month, Russia's finance ministry and central bank had allegedly urged the government to accelerate the implementation of cryptocurrency regulations, responding to the surging adoption of digital assets among Russian citizens.
Meanwhile, the European Union is preparing to approve on Monday a comprehensive sanctions package that would prohibit all cryptocurrency-related transactions with Russia, representing a sweeping initiative intended to completely restrict the country's access to this technology.