Several crypto exchanges linked to Russia continue to allow transactions linked to sanctioned entities, according to a report published Friday by blockchain analysis firm Elliptic.
The report describes how certain platforms allow users to convert rubles into cryptocurrencies, transfer funds across borders outside of traditional banking channels, and withdraw money through brokers or exchanges abroad. Elliptic said these transaction avenues can reduce dependence on the conventional financial system and complicate sanctions enforcement.
Last month, an independent 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 A7A5 stablecoin exceeded $100 billion. Since Russia’s full-scale invasion of Ukraine, Western governments have imposed sanctions targeting energy, finance and strategic assets. The EU froze approximately $250 billion of Russian assets and the United Kingdom, 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 highest figure in five years, and more than half of which was pegged to the ruble-pegged A7A5 token, whose Russian executives dispute claims that its operations are illegal. Sanctions-related activity accounted for 86% of illicit crypto flows, according to the TRM report, 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 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 Russia-linked Garantex exchange. The firm also alleges that Bitpapa rotates wallet addresses in a way designed to make transactions difficult to trace.
The report also names 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 said processed more than $72 million in transactions with sanctioned exchange Grinex, and Aifory Pro, a service that offers cash-to-cryptocurrency 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.
