Russia has established a significant underground cryptocurrency economy following its exclusion from the SWIFT financial system. This network includes USDT OTC traders in Moscow, the sanctioned exchange Garantex, and the ruble-pegged stablecoin A7A5, which are used for trade settlement, asset protection, and sanctions evasion. According to Chainalysis, Russia received $376.3 billion in crypto assets from July 2024 to June 2025, making it the top recipient in Europe. Despite facing multiple sanctions, Garantex has continued operations through offshore entities and mirror sites, facilitating over 85% of crypto flows to sanctioned entities in 2025. The A7A5 stablecoin has been identified as a tool for sanctions evasion, closely linked to other sanctioned platforms, highlighting the role of cryptocurrency in Russia's economic strategy amid international restrictions.
Russia Develops Underground Crypto Network Post-SWIFT Exclusion
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