Russia-focused cryptocurrency platforms continue to process billions of dollars in transactions, facilitating cross-border payments despite international sanctions. Exchanges like Bitpapa and ABCeX enable ruble-to-crypto conversions, while cash-to-crypto providers such as Aifory Pro expand services with virtual cards and USDT-based tools. According to data from blockchain analytics firm Elliptic, significant volumes from these services have been sent to already sanctioned entities.
Cryptocurrency exchanges tied to Russia are still helping sanctioned entities move money internationally. Several platforms provide routes for Russian users to convert rubles into digital assets and send funds abroad, often bypassing traditional banks.
These transactions frequently occur through peer-to-peer markets and order-book trading, making detection difficult for regulators. Many exchanges are officially registered outside Russia, but their primary user base and transaction flows originate within the country.
According to Elliptic’s data, billions of dollars have been processed on these exchanges, with much coming directly from sanctioned entities. One prominent example is Bitpapa, a peer-to-peer exchange formally registered in the UAE but serving a huge number of Russian customers.
The U.S. Treasury’s Office of Foreign Assets Control sanctioned Bitpapa in March 2024 for supporting sanctions evasion. Data indicates nearly 10% of its outgoing crypto transactions were sent to sanctioned targets, including the blacklisted exchange Garantex.
Another exchange, ABCeX, has reportedly processed at least $11 billion in crypto and operates from a Moscow office previously used by Garantex. Rapira, incorporated in Georgia but with a Moscow office, has transferred over $72 million in crypto directly to and from the sanctioned exchange Grinex.
Cash-to-crypto networks are also expanding their services beyond simple trades. Operating in Moscow, Dubai, and Türkiye, Aifory Pro acts as a payment agent for cross-border trade, including between Russia and China.
It markets virtual payment cards and Apple Pay-enabled services that allow users to spend USDT on platforms restricted in Russia, like Airbnb and ChatGPT. Together, these exchanges demonstrate how crypto infrastructure can still be utilized even under sanctions.
