Despite Sanctions, Russia Emerges as Europe’s Crypto Powerhouse
17.10.2025 21:00 2 min. read Alexander Zdravkov
Despite Europe’s major economies like the UK and Germany, Russia has emerged as the continent’s top crypto market, according to the latest Chainalysis report.
Between July 2024 and June 2025, Russia received $376.3 billion in crypto, up nearly 50% from the previous year. By comparison, the UK’s crypto volumes reached $273.2 billion, about 30% less.
Chainalysis attributes Russia’s rapid adoption to a combination of large institutional transfers and explosive growth in decentralized finance (DeFi). Transfers exceeding $10 million jumped 86% year-over-year, nearly double the growth pace seen in the rest of Europe. Meanwhile, retail crypto activity, both large and small, also outpaced European averages by around 10%.
DeFi in Russia has seen the most dramatic shift, surging eightfold in early 2025, highlighting a growing reliance on blockchain-based financial services. One key driver is A7A5, a ruble-pegged stablecoin issued in Kyrgyzstan, which has facilitated cross-border payments for businesses and institutions.
Despite sanctions and scrutiny from the EU and U.S., A7A5 has grown to $500 million in market capitalization, surpassing other non-US dollar stablecoins such as Circle’s euro-pegged EURC.
Chainalysis notes that Russia’s increasing crypto activity occurs against a backdrop of mounting regulatory pressure and international sanctions, including exclusion from the Financial Stability Board’s cross-border regulatory review. The report suggests that the country’s crypto market is not only expanding in scale but also evolving in sophistication, with significant adoption across institutional, corporate, and retail segments.
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