Top Five Cryptocurrency Exchanges Identified for Circumventing Anti-Russian Sanctions, 2026/02/22 08:15:16

The analytics service Elliptic has released findings from a study that identifies several cryptocurrency exchanges enabling Russian companies to bypass international sanctions.

The report lists five platforms, most of which have not been sanctioned and continue to offer Russian organizations financial channels shielded from banking oversight. According to Elliptic representatives, these channels facilitate financial flows amounting to billions of dollars.

The only platform on the list that has been sanctioned is Bitpapa. Two years ago, it was accused of aiding in the circumvention of restrictions imposed on the Russian economy. Elliptic’s data indicates that approximately 9.7% of outgoing cryptocurrency transactions from Bitpapa are directed to organizations under sanctions. The platform reportedly frequently changes wallet addresses to evade monitoring, as stated in the research findings.

The largest exchange in Elliptic’s ranking is ABCeX. The company facilitates the exchange of fiat rubles for cryptocurrencies, with its office located in Moscow City, and its transaction volume has exceeded $11 billion, according to the researchers. They noted that a significant portion of funds was directed to the wallets of the sanctioned exchange Garantex and another platform, Aifory Pro.

The exchange Exmo also made it into the list of platforms assisting Russia. In 2022, the Russian branch of the exchange was separated into a distinct entity, Exmo.me, to avoid sanctions. However, both platforms continue to utilize a shared infrastructure for custodial wallets, and their hot wallet systems are identical, Elliptic claims. The study’s authors report that Exmo has sent $19.5 million to sanctioned platforms, including Garantex, Grinex, and Chatex.

Additionally, Elliptic analysts noted that the Georgian exchange Rapira transferred $72 million to the sanctioned platform Grinex.

The fifth exchange in the ranking is Aifory Pro. This platform offers cash-to-cryptocurrency exchange services in Moscow, Turkey, and Dubai. It aids in circumventing sanctions by providing virtual payment cards with balances in USDT, allowing Russians to pay for inaccessible foreign services. The platform also collaborates with Iranian cryptocurrency exchanges.

The blocking of Garantex has resulted in an increase in the number of platforms rather than the dismantling of the circumvention system for anti-Russian sanctions, the authors of the Elliptic study concluded.

Previously, analysts from TRM Labs reported that the volume of transactions related to the evasion of international sanctions had risen by 400% over the past year.