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.
Elliptic's report, released on Friday, details the persistent use of cryptocurrency infrastructure to circumvent sanctions. It identifies exchanges including Bitpapa, ABCeX, Rapira, and Aifory Pro as processing billions of dollars in transactions, with significant flows directed to already sanctioned platforms like Garantex and Aifory Pro. These services allow users to convert rubles to cryptocurrencies, move funds internationally without relying on conventional financial systems, and cash out through overseas brokers or exchanges.
The report builds on prior warnings, including one from Elliptic last month that noted Tether's USDT as a primary tool for Russian sanctions evasion, though transactions involving the ruble-pegged stablecoin A7A5 exceeded $100 billion. Since the 2022 Ukraine invasion, Western measures have included the EU freezing approximately $250 billion in Russian assets and the UK freezing nearly $35 billion.
Complementing this, a TRM Labs report from last week indicated that illicit entities received $141 billion in stablecoins in 2025—the highest in five years—with more than half tied to A7A5. Sanctions-related activities accounted for 86% of illicit crypto flows, primarily through stablecoin platforms.
Specific examples include Bitpapa, a UAE-registered peer-to-peer platform serving Russian users, which was sanctioned by the U.S. Treasury's Office of Foreign Assets Control in March 2024. Elliptic estimates 9.7% of its outgoing crypto flows went to sanctioned entities, including 5% to Garantex, and notes the platform's practice of rotating wallet addresses to obscure tracing. ABCeX, based in Moscow's Federation Tower, has handled at least $11 billion in transactions, including to Garantex and Aifory Pro. Rapira processed over $72 million with sanctioned exchange Grinex, while Aifory Pro offers cash-to-crypto services in Moscow, Dubai, and Türkiye.
These revelations come amid increased regulatory focus on crypto's role in cross-border activities linked to sanctioned actors.
