After heavy sanctions post-2022, Russia has increasingly turned to crypto and blockchain tools for trade and payments.Platforms like Grinex, Exved, and others linked to the old Garantex network continue similar operations under new names.
Even though the Russian crypto exchange Garantex was sanctioned and targeted by Western authorities, activity linked to it appears to be reviving or continuing under new structures to avoid those sanctions.Garantex was blacklisted by the U.S. Treasury and the EU for facilitating illicit transactions and helping move money for entities trying to bypass global financial restrictions.
🔍 Key Points of the Report
Continued movement of funds:
On-chain analysts have detected new crypto wallets connected to Garantex moving millions of dollars despite sanctions showing that the network is still active.
Obfuscation techniques:
Funds are moved through crypto mixers (like Tornado Cash) and cross-chain bridges to hide their origin and destination. This helps the operators conceal sanctioned activity.
New financial tools in play:
Russia has also launched a ruble-backed stablecoin called A7A5 that supports cross-border payments and can be used alongside exchanges like Grinex (seen as a Garantex successor).
Garantex isn’t just offline:
While there were law enforcement takedowns and asset freezes, investigations show the exchange didn’t disappear — it adapts by using proxies, mirror platforms, and renamed entities.
This story shows how sanctioned crypto platforms aren’t always fully shut down. Instead:
They can adapt, rebrand, and route around controls.Russia is using crypto as a workaround to financial pressure.Authorities are in a cat-and-mouse game with on-chain operators.
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