EU Mulls Sanctions Against Russia-Linked Stablecoin A7A5

The European Union has proposed imposing sanctions on A7A5, a ruble-backed stablecoin tied to sanctioned Russian actors, according to documents seen by Bloomberg News.

The sanctions will prohibit any engagement, directly or indirectly, by EU-based entities in transactions involving the token. The bloc is also set to target several banks in Russia, Belarus and Central Asia for enabling crypto-related transactions, the documents indicate.

Ilan Shor

Photographer: Irina Buzhor/Sipa/AP Photo

The A7A5 token was developed by A7, a cross-border payments company owned by Moldovan fugitive banker Ilan Shor and the Russian state-owned lender Promsvyazbank (PSB). Shor’s A7 and its subsidiaries help Russian businesses execute international transactions ...