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