Garantex, which is the cryptocurrency trading platform of Russia that has been sanctioned by the government, is quietly moving money again according to the new payment structure revealed by the blockchain analysis company Global Ledger.
Evidence from the investigation confirms that players from Russia can create a functioning payment system again, despite legal attempts to obstruct it.
Garantex quietly moves millions of USD.
A new report from Global Ledger reveals that Garantex, a Russian crypto platform that was previously sanctioned by Western nations and had its servers seized, is still able to move large sums of money.
The research team discovered Bitcoin and Ethereum wallets associated with Garantex, which have a total balance exceeding 34 million USD in crypto, and at least 25 million USD has already been disbursed to existing users. These movements confirm that operations are still ongoing, despite international pressure to shut down.
Global Ledger explains that Garantex is using a payment system designed to obscure the money trail, utilizing reserves for mixing services like Tornado Cash to help obscure funds and make tracing the source more difficult.
Subsequently, money is sent through various cross-chain tools, facilitating asset transfers across networks including Ethereum, Optimism, and Arbitrum. Once completed, the funds are aggregated in an Aggregation wallet and then distributed to individual payment wallets for each account.
The investigation also found that the majority of ETH funds on Ethereum remain intact, with over 88% of ETH linked to Garantex still being reserved, indicating that only the first phase of payments has begun.
Findings from this Global Ledger report are linked to significant changes in Russia's financial system as a whole.
How is Russia using A7A5 to advance trade?
Russia is concretely changing its approach to managing digital assets.
Earlier in 2022, the Central Bank of Russia proposed to completely ban cryptocurrencies, viewing them as a threat to financial stability. However, by 2024, Russia has changed this stance and began using crypto to support trade amidst international sanctions.
At the same time, President Vladimir Putin is also personally supporting a new payment network called A7.
A7 launched a stablecoin backed by rubles named A7A5 at the beginning of 2025, which helps money flow in and out of the traditional financial system. According to data from Chainalysis, this stablecoin has already supported trading activities exceeding 87 billion USD.
Companies in Russia are using A7A5 to convert rubles to USDT, allowing Russian businesses to continue making international payments, even as banks refuse to process transactions related to Russia.
Meanwhile, as Russia aims to create a financial system that does not rely on Western channels, data from Global Ledger has revealed additional key points that there is still no sign of Garantex disappearing.
Conversely, Garantex has adapted its operations and continues to move money through a structure that reflects a new state-supported system.
Thus, when considered together, evidence shows that states are developing new crypto-based payment systems to evade international sanctions and reduce traditional economic pressures.
