Several Russian-linked crypto exchanges continue to allow transactions linked to sanctioned entities, according to a report published Friday by blockchain analytics firm Elliptic.
The report outlines how certain platforms enable users to convert rubles into cryptocurrencies, transfer money across borders outside of traditional banking channels, and cash out through overseas brokers or exchanges. Elliptic said these transaction avenues can reduce reliance on the conventional financial system and complicate the enforcement of sanctions.
Last month, a separate Elliptical report revealed that while Tether’s USDT has become a key asset for Russia to evade Western sanctions imposed after the 2022 Ukraine invasion, transactions in the ruble-pegged stablecoin A7A5 exceeded $100 billion. Since Russia’s full-scale invasion of Ukraine, Western governments have imposed sanctions targeting energy, finance and strategic goods. The EU froze about $250 billion of Russian assets and the UK, almost $35 billion.
Elliptic’s report follows another by TRM Labs last week that showed illegal entities received $141 billion in stablecoins in 2025, the highest in five years, and more than half of that was tied to the ruble-linked A7A5 token, whose Russian leaders dispute claims that their operations are illegal. Sanctions-related activity accounted for 86% of illicit crypto flows, TRM’s report said, with bad actors mostly relying on stablecoin platforms.
Among the exchanges highlighted in Elliptic’s report is Bitpapa, a UAE-registered peer-to-peer platform that primarily serves Russian users. The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Bitpapa in March 2024.
Elliptic estimated that about 9.7% of the exchange’s outgoing crypto flows were sent to sanctioned entities, including about 5% to the Russian-linked exchange Garantex. The firm also claims that Bitpapa rotates wallet addresses in a way designed to prevent transaction tracking.
The report also named ABCeX, which operates out of Moscow’s Federation Tower, and said it has processed at least $11 billion in crypto transactions, including flows to sanctioned exchanges such as Garantex and Aifory Pro.
Other exchanges mentioned include Rapira, which Elliptic says processed more than $72 million in transactions with sanctioned exchange Grinex, and Aifory Pro, a service offering cash-to-crypto transactions in Moscow, Dubai and Türkiye.
The findings highlight the ongoing role of crypto infrastructure in cross-border financial activity linked to sanctioned actors, even as regulators increase scrutiny of the sector.
