Elliptic: Russia circumvents sanctions through a cryptocurrency exchange "shadow network," involving billions of dollars.

A recent report by blockchain analytics firm Elliptic identifies a "shadow network" of Russian-linked cryptocurrency exchanges that is circumventing international sanctions through massive crypto transactions. The report names five platforms, most of which are not yet sanctioned and continue to provide Russian entities with channels to bypass traditional banking regulations. ABCeX is identified as the largest of these, having processed at least $11 billion in cryptocurrency transactions. The report also notes that while Exmo claims to have withdrawn from the Russian market, on-chain data shows it still shares custodial wallet infrastructure. Rapira, registered in Georgia and with an office in Moscow, is alleged to have over $72 million in direct transactions with the sanctioned exchange Grinex. Bitpapa evades detection by frequently changing its wallet address. Aifory Pro provides cash-to-crypto services in Moscow, Dubai, and Turkey. The analysis suggests that the cryptocurrency-related sanctions-circumventing infrastructure previously targeting Russia has not disappeared but has instead spread to more platforms.