Russian-speaking ransomware groups generated over $500 million in crypto proceeds in 2023, according to TRM Labs. These groups, including Lockbit and ALPHV/Black Cat, accounted for nearly 70% of global ransomware crypto earnings.
Lockbit attacked Boeing and Royal Mail, while BlackCat/ALPHV targeted MGM Resorts and Henry Schein. A standout feature is the concentration of sanctioned crypto volume on Russia-based Garantex, handling over 80% of such volumes globally.
Some funds from Garantex are used to buy military equipment from China for Russian forces. This highlights Russia’s increasing reliance on crypto to bypass sanctions. Despite legal restrictions on crypto, Russia continues to use it for international trade.
Recently, the Russian parliament advanced bills to regulate crypto mining and allow crypto for international trade. This could strategically enhance Russia’s economic resilience against sanctions.
