Several Russian-linked crypto exchanges continue to allow transactions linked to sanctioned entities, according to a report published Friday by blockchain analytics firm Elliptic.

The report outlines how certain platforms enable users to convert rubles into cryptocurrencies, transfer funds across borders outside traditional banking channels, and cash out through overseas brokers or exchanges. Elliptic said these transaction pathways can reduce reliance on the conventional financial system and complicate sanctions enforcement.

Last month, a separate Elliptic report revealed that while Tether’s USDT has become a key asset for Russia to evade Western sanctions imposed after the Ukraine invasion in 2022, transactions with the ruble-pegged…