Elliptic flags continued sanctions circumvention by Russia-associated cryptocurrency platforms.

Bitpapa, Garantex, and ABCeX were identified as cryptocurrency exchanges associated with Russian-related transactions bypassing Western restrictions.

Elliptic indicates that crypto exchanges associated with Russia are engaging in transactions tied to sanctions. (Photo by Artem Beliaikin on Unsplash/Modified by CoinDesk)

What to know:

• A number of Russian-associated cryptocurrency exchanges continue to conduct transactions for sanctioned entities, assisting users in transferring funds outside conventional banking systems, according to a recent report by Elliptic.
• The report points out platforms such as Bitpapa, ABCeX, Rapira, and Aifory Pro, which have cumulatively processed billions in cryptocurrency, including substantial amounts to already sanctioned exchanges like Garantex and Aifory Pro.
• The results, which follow prior alerts from TRM Labs regarding an increase in illicit stablecoin usage linked to Russia, emphasize how crypto infrastructure persists in aiding sanctions evasion despite intensified regulatory oversight.

A report released on Friday by blockchain analytics firm Elliptic asserts that several Russian-associated cryptocurrency exchanges are still permitting transactions related to sanctioned entities.

The report details how specific platforms allow users to exchange rubles for cryptocurrencies, transfer funds internationally outside traditional banking systems, and withdraw through foreign brokers or exchanges. Elliptic noted that these transaction methods can lessen dependence on the standard financial system and complicate sanctions enforcement.

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Last month, another report from Elliptic disclosed that while Tether’s USDT has emerged as a significant asset for Russia in circumventing Western sanctions imposed after the 2022 Ukraine invasion, transactions involving the ruble-pegged stablecoin A7A5 exceeded $100 billion. Following Russia’s full-scale invasion of Ukraine, Western nations enacted sanctions targeting energy, finance, and strategic goods. The EU froze approximately $250 billion of Russian assets, and the U.K. about $35 billion.

Elliptic’s report follows a previous one from TRM Labs last week, which indicated that illicit entities received $141 billion in stablecoins in 2025, the highest amount in five years, with more than half linked to the ruble-pegged A7A5 token, whose Russian executives refute claims of illegal operations. The report from TRM stated that sanctions-related activity constituted 86% of illicit crypto flows, with malicious actors predominantly using stablecoin platforms.

Among the exchanges mentioned in Elliptic’s report is Bitpapa, a peer-to-peer platform registered in the UAE that primarily caters to Russian users. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Bitpapa in March 2024.

Elliptic estimates that around 9.7% of the exchange’s outgoing crypto transactions were directed to sanctioned entities, including approximately 5% to the Russia-associated exchange Garantex. The firm also claims that Bitpapa rotates wallet addresses in a way intended to obscure transaction tracing.

The report additionally identified ABCeX, which operates from Moscow’s Federation Tower, noting it has processed at least $11 billion in cryptocurrency transactions, including flows to sanctioned exchanges like Garantex and Aifory Pro.

Other exchanges mentioned include Rapira, which Elliptic states processed over $72 million in transactions with the sanctioned exchange Grinex, and Aifory Pro, a service providing cash-to-crypto transactions in Moscow, Dubai, and Türkiye.

The findings underscore the persistent role of crypto infrastructure in cross-border financial operations associated with sanctioned individuals, even as regulatory scrutiny of the sector intensifies.