Key Takeaways

• Five crypto exchanges are accused of helping Russian entities bypass international trade restrictions.

• These platforms allegedly fill the void left by Garantex, facilitating high volumes of ruble-to-crypto conversions.

• The EU is preparing to vote on a comprehensive ban of all crypto transactions with Russia to close remaining loopholes.

Bitpapa is the only exchange already sanctioned

A new report from blockchain analytics firm Elliptic has exposed a resilient network of crypto exchanges reportedly helping Russia evade international sanctions. While the infamous exchange Garantex was taken down last year, a “vacuum” was created that is now being filled by platforms like Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro.

According to the report, these entities allow users to convert rubles into crypto, which can then be moved across borders and converted into other fiat currencies without passing through Western intermediaries.

Bitpapa is currently the only entity in this group already under OFAC designation. Elliptic found that nearly 10% of Bitpapa’s outgoing funds are destined for sanctioned targets. The exchange allegedly manages its liquidity through a constant rotation of wallet addresses to stay one step ahead of enforcement.

Meanwhile, ABCeX is reportedly operating out of the same Moscow office location previously used by Garantex, having already processed over $11 billion in transactions.

EU Prepares for a Total Crypto Blockade

We’ve reached a massive crossroads in the crypto world. Chainalysis just dropped some wild numbers: illicit activity hit $154 billion last year, and a huge chunk of that was fueled by nation-states acting like professional cybercriminals.

Because of this, the EU isn’t playing around anymore—they’re about to vote on a massive sanctions package that would basically ban any crypto transfer linked to Russia. It’s a “scorched earth” approach. Instead of just chasing specific bad actors, they want to make the entire tech useless for state-level dodging, forcing a total blackout no matter where you try to trade.

The report also reveals the complicated “exit” strategies of some firms. Exmo, for instance, claimed to have left the Russian market years ago, yet Elliptic asserts that the platform’s Western and Russian entities still share the same custodial wallet infrastructure. This co-mingling of funds—worth over $19.5 million in direct transactions with sanctioned entities—suggests that “exiting” a market on paper doesn’t always translate to on-chain separation.

Final Thoughts

The cat-and-mouse game between sanctions enforcement and crypto privacy continues, but with the EU’s looming ban, the “ruble-to-crypto” bridge may soon be dismantled.

Frequently Asked Questions

Which exchanges were named in the Elliptic report?
Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro were all identified as helping bypass Russian sanctions.

What is the EU’s plan for Russian crypto?
The EU is aiming to pass a package that bans all crypto transactions with Russia to prevent sanctions evasion.

How much illicit crypto was moved in 2025?
Illicit addresses received a record $154 billion, largely driven by nation-state activity.