Elliptic: Exchanges aid Russian entities in evading sanctions

Blockchain analytics firm Elliptic stated in a recent report that numerous cryptocurrency exchanges are helping sanctioned Russian entities move funds outside of the traditional banking system. The report identified platforms such as Bitpapa, ABCeX, Rapira, and Aifory Pro as key examples. Elliptic noted that despite international efforts freezing approximately $285 billion in Russian assets across the EU and the UK, crypto infrastructure continues to serve as a bypass for cross-border financial activities. The report also highlighted that large-scale fund flows through ruble-pegged stablecoins are further complicating sanctions enforcement.