From Moscow to Dubai: Garantex’s Crypto Network Survives Sanctions
A sanctioned Russian cryptocurrency network has resurfaced under new names, moving billions of dollars through banks and offshore intermediaries despite raids and international sanctions, according to an investigation published Wednesday by Transparency International Russia in Exile and OCCRP.
The report says Moscow-based Garantex, blacklisted by the U.S. Treasury in 2022 and stripped of its license by Estonian regulators, processed about $96 billion between 2019 and 2025, with at least $1.3 billion tied to criminal activity, citing data from blockchain analytics firm Chainalysis. Law enforcement raids in March 2025 targeted its servers and domains, but successor platforms appeared within weeks. The U.S. Justice Department
