Crypto Exchange Network Accused of Helping Russia Evade Sanctions, Says Elliptic

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A group of five crypto exchanges is allegedly enabling Russians to bypass international sanctions, stepping in after the shutdown of the Russian platform Garantex last year, according to blockchain analytics firm Elliptic.

In a report released Saturday, Elliptic identified Bitpapa, ABCeX, Exmo, Rapira and Aifory Pro as platforms allegedly facilitating ruble-to-crypto conversions. Once converted, the digital assets can be transferred across borders “without passing through any intermediaries” and later exchanged into other fiat currencies, the firm said.

“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,” Elliptic stated in the report.

The network reportedly emerged after authorities dismantled Garantex in March. The exchange had been heavily sanctioned in mid-2022 for allegedly facilitating crypto transactions tied to illicit activity and assisting Russia in circumventing restrictions imposed following its invasion of Ukraine.

Separately, blockchain data firm Chainalysis reported last month that sanctions enforcement has coincided with a surge in illicit crypto flows. The company said the total value of cryptocurrency received by illicit addresses in 2025 climbed to $154 billion — the highest level on record — driven by what it described as “unprecedented volumes associated with nation-states.”