A7A5: Circumventing sanctions with stablecoin cryptocurrency, 25 June 2025

• A7 is a Russian company, majority owned by Ilan Shor, a Moldovan political figure and businessman. Shor is subject to sanctions and has been convicted for fraud in Moldova. It is minority owned by Promsvyazbank (PSB), a sanctioned Russian state-owned bank which services Russia’s military-industrial complex. A7 was created in October 2024 with the stated purpose of facilitating cross-border financial transfers for Russian clients in the face of Western sanctions. The company was sanctioned by the UK in May 2025.
• In January 2025, A7 and PSB announced the launch of a cryptocurrency called A7A5 in Kyrgyzstan. The cryptocurrency is promoted as the world’s first stablecoin pegged to the Russian rouble and ostensibly backed by fiat rouble deposits in PSB bank accounts...
• The findings of this investigation suggests that A7 has been constructing a system based on both fiat currency and cryptocurrency for the large-scale transfer of money into and out of Russia. The blending of traditional, fiat-based and more novel cryptocurrency strategies for moving money across borders is likely to present a significant challenge to existing sanctions regimes..
• Moldovan police have documented Shor and PSB’s use of illicit funding, including cryptocurrency, to exert political influence in Moldova in support of Russian interests. Russia and Shor have denied any wrongdoing in this case. Combined with the shared digital infrastructure between A7, A745 and Shor’s previous political activities, this raises concerns about the possibility that the new A7A5 cryptocurrency may play a role in future political interference schemes.

A7A5 was contacted by the Financial Times for comment in connection with the findings in this report...

...The A7A5 project was created as a response to the crypto community’s growing interest in stablecoins denominated in currencies other than the US dollar. In particular, the rouble has proven interesting in the context of carry trade – due to its volatility and high key rates. We see this as a real market opportunity and offer a transparent instrument with rouble collateral.

The security of the token is confirmed by regular independent audits, the results of which are published in the public domain. The project operates in compliance with the laws of the Kyrgyz Republic and adheres to high standards of accountability and compliance.

The token was distributed through licensed brokers listed on the official website. Listings on individual trading floors took place on their own initiative or on the brokers’ initiative.

At the early stage we did cooperate with the technical team of “A7”, but in May we decided to separate completely due to different visions of development strategy. Today “A7A5” is a fully independent and autonomous project”...