Several Russia-linked cryptocurrency exchanges continue to allow transactions related to sanctioned entities, according to a report published on Friday by blockchain analytics firm Elliptic.
The report outlines how certain platforms enable users to convert rubles into cryptocurrencies, move funds across borders outside of traditional banking channels, and cash out through overseas brokers or exchanges. Elliptic said these trading routes could reduce reliance on the traditional financial system and complicate the enforcement of sanctions.
Last month, another Elliptic report showed that while Tether’s USDT has become a key asset for Russia to evade Western sanctions following the 2022 invasion of Ukraine, the ruble-pegged stablecoin A7A5 has a trading volume of more than $100 billion. Since Russia’s full-scale invasion of Ukraine, Western governments have imposed sanctions targeting energy, finance and strategic goods. The European Union has frozen approximately $250 billion in Russian assets, and the United Kingdom has frozen nearly $35 billion in assets.
Elliptic’s report follows another report released last week by TRM Labs, which showed that illicit entities received $141 billion in stablecoins in 2025, the highest level in five years, with more than half tied to the ruble-pegged A7A5 token, whose Russian executives disputed claims that their operations were illegal. TRM’s report states that sanctions-related activity accounts for 86% of illicit cryptocurrency flows, with bad actors primarily relying on stablecoin platforms.
One of the exchanges highlighted in the Elliptic report is Bitpapa, a peer-to-peer platform registered in the UAE that primarily serves Russian users. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Bitpapa in March 2024.
Elliptic estimates that approximately 9.7% of the exchange’s outbound cryptocurrency flows are sent to sanctioned entities, with approximately 5% of that being sent to Russia-linked exchange Garantex. The company also claims that the way Bitpapa rotates wallet addresses is designed to hinder transaction tracking.
The report also names ABCeX, which operates out of Moscow’s Federal Building, and says the company has processed at least $11 billion in cryptocurrency trades, including flows to sanctioned exchanges such as Garantex and Aistory Pro.
Other exchanges mentioned include Rapira (which Elliptic said processed more than $72 million in transactions with sanctioned exchange Grinex) and Aifory Pro (a service that provides cash-to-crypto trading in Moscow, Dubai and Turkey).
The findings highlight the continuing role that cryptocurrency infrastructure plays in cross-border financial activity linked to sanctioned actors, despite increased regulatory scrutiny of the industry.