Crypto exchange network is helping Russia skirt sanctions: Elliptic

CoinTelegraph

by Jesse Coghlan

February 23, 2026

AI-Generated Deep Dive Summary

Crypto exchange platforms are allegedly aiding Russia in evading international sanctions by facilitating ruble-to-crypto conversions and enabling cross-border transactions, according to a report by crypto analytics firm Elliptic. The company identified five exchanges—Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro—as key players involved in these activities. These platforms allow users to convert Russian rubles into cryptocurrency, which can then be transferred globally without passing through traditional financial intermediaries before being converted back into fiat currencies. The report highlights that despite increased regulatory scrutiny, many of these exchanges operate with nominal registrations outside Russia, enabling them to circumvent sanctions and continue serving sanctioned entities. This practice has filled a void left by the shutdown of Garantex, a major Russian exchange that was taken down last year. Elliptic notes that these exchanges are facilitating high volumes of cryptoasset trading linked to entities under international sanctions, raising concerns about the potential misuse of blockchain technology for financial evasion. The ability of these exchanges to operate freely underscores the challenges regulators face in monitoring and controlling cryptocurrency transactions. While cryptocurrencies offer a degree of anonymity and cross-border transfer capabilities, their use for sanction-evasion activities poses significant risks to global financial security. The findings also raise questions about the role of crypto platforms in enabling such activities, even as the industry continues to grapple with issues of compliance and transparency. For readers interested in cryptocurrency, this story highlights the ongoing tension between the technology's potential for innovation and its susceptibility to misuse. It also underscores the importance of robust regulatory frameworks to prevent cryptocurrencies from becoming tools for circumventing international sanctions. As the crypto industry evolves, addressing these challenges will be critical to maintaining trust and ensuring that blockchain technologies are used responsibly.

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Originally published on CoinTelegraph on 2/23/2026