This ecosystem extends from basic cash-for-crypto exchanges to more structured arrangements, including rouble-backed stablecoins such as A7A5 and platform-based settlement services that replicate core banking functions while remaining outside the reach of Western regulators. Collectively, these mechanisms form a parallel financial infrastructure designed to preserve Russia’s ability to pay for goods critical to its war effort despite sustained sanctions pressure.

Russian Crypto Exchanges: Under the Spotlight

Russian-based crypto exchanges and their successors sit at the heart of the country’s crypto-enabled procurement ecosystem. Long before the emergence of bespoke rouble-backed tokens or structured payment platforms, these exchanges…