In accordance with BlockTempo, after being excluded from the SWIFT financial system, Russia has developed a large underground crypto economy. From USDT OTC traders in Moscow to the sanctioned exchange Garantex and the ruble-pegged stablecoin A7A5, cryptocurrency has become a key channel for trade settlement, asset protection, and sanctions evasion. Chainalysis data shows that Russia received $376.3 billion in crypto assets between July 2024 and June 2025, ranking first in Europe. Despite multiple sanctions, Garantex continued to operate through offshore entities and mirror sites, facilitating over 85% of crypto flows to sanctioned entities in 2025. Meanwhile, A7A5, a ruble-pegged stablecoin, has been identified as a tool for sanctions evasion and is closely linked to other sanctioned platforms.
Russia Builds Underground Crypto Network After SWIFT Exclusion
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