Sanctioned nations handled over $100 billion in crypto in 2025, an eightfold jump from 2024, as Iran, Russia and North Korea build their own digital tokens and exchanges.
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The value of cryptocurrency received by U.S.-sanctioned countries jumped eightfold in 2025, topping $100 billion, according to industry estimates reported by The Wall Street Journal. Chainalysis, the analytics firm, said crypto addresses linked to Iran, North Korea, Russia and other sanctioned nations handled more than $100 billion last year, nearly eight times the amount received in 2024.
These countries have grown more savvy, establishing their own digital tokens and crypto exchanges to facilitate transactions, according to crypto companies and Western authorities. Kaitlin Martin, a senior intelligence analyst at Chainalysis, said crypto has changed the sanctions evasion game significantly.
Western officials and crypto analytics firms say Iran and Russia have used digital assets to pay for drones and weapon parts. Russia has also used crypto to pay the crews that smuggle its oil around the world. North Korea, accused of stealing crypto through hacks and other cyberattacks, has used the virtual currency to purchase fuel and military equipment, officials told WSJ.
Kremlin spokesman Dmitry Peskov told the news outlet that Russia views sanctions against it as illegal under international law and has deployed and developed alternative mechanisms that allow the economy to function normally. North Korea recently called allegations of cybercrimes absurd slander and part of Washington's hostile policy.
Western officials are having a tough time keeping up as crypto becomes more popular for sanctions evasion. The most obvious example, Chainalysis head of research Eric Jardine said, is the A7A5 token, a ruble-backed stablecoin later sanctioned by the European Union. Once that happened at scale, Jardine said, about $2 billion a week was being processed through that token. With nation-state actors, the resources supporting their efforts are significantly higher than with most run-of-the-mill illicit actors, he added.
The U.S. has waived sanctions on Iranian oil as it works on a peace deal with Tehran. It could still reinstate those sanctions if no agreement is reached to end the conflict.
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