1. New Warnings from Chainalysis Analysts
2. Suspicious Connections of Exved
3. Context of New Cryptocurrency Laws

Chainalysis analysts warn that the Russian government may use domestic crypto exchanges like Garantex for sanctions evasion under the new cryptocurrency regulations.

New Warnings from Chainalysis Analysts

In a recent report, Chainalysis noted that Garantex, a platform that has processed nearly $100 billion in transactions since 2018, could be a tool for Russia to maintain cross-border trade amid financial restrictions. While the large transaction volume on Garantex does not directly indicate state-sponsored sanctions evasion, the analysts warn that the exchange's capabilities could be leveraged for such purposes.

Suspicious Connections of Exved

Analysts also pointed out another crypto exchange, Exved, which has close ties with InDeFi Bank. Exved co-founders include Garantex founder Sergey Mendeleev and former KGB officer Alexander Lebedev. Exved has reportedly been involved in facilitating imports and exports even before Russia's recent legislative changes around cryptocurrency.

Context of New Cryptocurrency Laws

The warning comes in the wake of new laws signed by Russian President Vladimir Putin that officially legalize Bitcoin mining and crypto trading. These changes are seen as part of a broader strategy to use cryptocurrencies to circumvent sanctions that have severely impacted Moscow's ability to engage in cross-border trade.

The extent to which Russian government entities are currently involved in using platforms like Garantex and Exved for sanctions evasion remains unclear. However, the report underscores growing concerns that Russia may increasingly turn to crypto channels, potentially marking a significant evolution in how nations facing economic isolation use digital assets to maintain financial connections globally.