A report from blockchain analytics firm Elliptic reveals that five cryptocurrency exchanges are facilitating Russia’s evasion of international sanctions, following the shutdown of Garantex in March 2025. Of these, only Bitpapa has been sanctioned, with allegations of it aiding in sanctions evasion through significant outbound crypto flows. The report highlights ABCeX, which operates from the same location as Garantex and has processed at least $11 billion in transactions, as well as Exmo, which has engaged in transactions with other sanctioned entities despite claiming to have exited the Russian market. This situation arises as the European Union considers a blanket ban on crypto transactions with Russia to prevent further circumvention efforts, indicating a broader trend of sanctions evasion becoming more dispersed rather than eradicated following Garantex’s closure.
Elliptic identifies five crypto exchanges aiding Russia in sanctions evasion
