Russian Firms Move Billions Using Crypto to Bypass Sanctions: Report
The post Russian Firms Move Billions Using Crypto to Bypass Sanctions: Report appeared on BitcoinEthereumNews.com. The post Russian Firms Move Billions Using Crypto to Bypass Sanctions: Report appeared first on Coinpedia Fintech News A recent report from blockchain firm Elliptic reveals how Russian state-linked networks have been using cryptocurrency to avoid Western sanctions and continue trading. Crypto was used to move money across borders, settle trades and even fund political activity. This helped sanctioned groups keep operating but it still left a digital trail. Read on to know what’s been happening. Crypto Helps Bypass Sanctions and Influence Elections Leaked documents reviewed by Elliptic shed light on fugitive Moldovan politician and businessman Ilan Shor. Shor, who fled Moldova after a $1 billion bank fraud, created the A7 Group in Russia in 2024. The group’s goal was to help businesses bypass sanctions and move money across borders. Almost half of A7 is owned by state-run Promsvyazbank (PSB), a bank sanctioned for its role in financing Russia’s military, helping evade Western sanctions and linked to vote-buying in Moldova. A7 itself was added to the US sanctions list in August 2025. In September, Shor said that A7 moved $89 billion across borders in ten months, with over half involving Asian countries. How A7 Used Cryptocurrency A7 used a mix of cash, promissory notes, and cryptocurrency to move money. Shor’s companies heavily relied on cryptocurrency, particularly Tether’s USDT. Chat logs revealed employees discussing multi-million USDT transfers. Because blockchain transactions are transparent, these details helped trace A7’s crypto wallets. A7 wallets have received at least $8 billion since early 2024, although the real total is probably higher as more wallets may still be unknown. Shor’s crypto infrastructure was likely updated in August 2025, in response to the breach and the potential loss of cryptographic keys. Shor’s Ruble-Backed Stablecoin Russian users turned to Tether’s USDT for stability and to bypass sanctions, compared…
The post Russian Firms Move Billions Using Crypto to Bypass Sanctions: Report appeared on BitcoinEthereumNews.com.
The post Russian Firms Move Billions Using Crypto to Bypass Sanctions: Report appeared first on Coinpedia Fintech News A recent report from blockchain firm Elliptic reveals how Russian state-linked networks have been using cryptocurrency to avoid Western sanctions and continue trading. Crypto was used to move money across borders, settle trades and even fund political activity. This helped sanctioned groups keep operating but it still left a digital trail. Read on to know what’s been happening. Crypto Helps Bypass Sanctions and Influence Elections Leaked documents reviewed by Elliptic shed light on fugitive Moldovan politician and businessman Ilan Shor. Shor, who fled Moldova after a $1 billion bank fraud, created the A7 Group in Russia in 2024. The group’s goal was to help businesses bypass sanctions and move money across borders. Almost half of A7 is owned by state-run Promsvyazbank (PSB), a bank sanctioned for its role in financing Russia’s military, helping evade Western sanctions and linked to vote-buying in Moldova. A7 itself was added to the US sanctions list in August 2025. In September, Shor said that A7 moved $89 billion across borders in ten months, with over half involving Asian countries. How A7 Used Cryptocurrency A7 used a mix of cash, promissory notes, and cryptocurrency to move money. Shor’s companies heavily relied on cryptocurrency, particularly Tether’s USDT. Chat logs revealed employees discussing multi-million USDT transfers. Because blockchain transactions are transparent, these details helped trace A7’s crypto wallets. A7 wallets have received at least $8 billion since early 2024, although the real total is probably higher as more wallets may still be unknown. Shor’s crypto infrastructure was likely updated in August 2025, in response to the breach and the potential loss of cryptographic keys. Shor’s Ruble-Backed Stablecoin Russian users turned to Tether’s USDT for stability and to bypass sanctions, compared…
What's Your Reaction?
