The U.K. last month took aim at crypto platforms helping Russia evade Western pressure campaigns, targeting several high-volume exchanges with sanctions intended to stifle Moscow’s shadow financing.

The action against 14 companies and four individuals marked the first use by U.K. authorities of the so-called 17A powers — which ban correspondent banking and payment processing — against crypto platforms, targeting networks that officials said moved more than $90 billion last year.

But a web of unlisted intermediaries linked to those platforms suggests some of their underlying crypto infrastructure remains intact. A Kharon investigation found two entities tied to the sanctioned platforms that continue to openly market services to…