Elliptic

Blockchain analytics firm Elliptic has published a report highlighting how several Russia-linked cryptocurrency exchanges continue to facilitate transactions for sanctioned entities. Platforms such as Bitpapa, ABCeX, Rapira, and Aifory Pro enable users to convert rubles into crypto and transfer funds across borders, bypassing traditional banking channels. The findings underscore the role of stablecoins in evading Western sanctions imposed since Russia's 2022 invasion of Ukraine.