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{"actor":"system:backfill","investigation_id":"5e6bbc56-530e-4776-89a3-bd3220eab2b7","kind":"publish","page_slug":"a7a5-ruble-stablecoin-a7-network","published_at":"2026-05-27T18:47:53.852Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"A7A5 Ruble Stablecoin / A7 Network","sections":[{"content":"A7 LLC is a Russian company incorporated in October 2024 with a registered address at Lesnaya Street 9, Moscow, Russian Federation. It was established to facilitate cross-border financial transfers for Russian clients facing Western sanctions. A7 LLC is co-owned by Ilan Shor (a Moldovan political figure convicted in 2017 for involvement in the theft of approximately $1 billion from three Moldovan banks, who subsequently fled to Russia) and Promsvyazbank (PSB), a Russian state-owned bank sanctioned in multiple jurisdictions for financing Russia's defense industry. OpenSanctions records indicate Shor held a 51% stake until at least November 2024, while PSB held 49%. A7 LLC operates subsidiaries including A7 Agent LLC and A71 LLC. The company also operates under aliases including A7 OOO, A7-Broker, and A7-Ekspluation Management Company. The stablecoin token A7A5 is formally issued by Old Vector LLC, a Kyrgyzstan-incorporated entity, with reserves claimed to be held in PSB bank accounts.","heading":"Entity Overview and Corporate Structure","severity":"critical","sources":[{"credibility":1,"name":"A7 Limited Liability Company — OpenSanctions","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-ZoBhzZv7NdLLmjMYu9QXxg/"},{"credibility":2,"name":"A7A5: Circumventing sanctions with stablecoin cryptocurrency — Centre for Information Resilience","type":"research","url":"https://www.info-res.org/reports/a7a5-circumventing-sanctions-with-stablecoin-cryptocurrency/"},{"credibility":2,"name":"OFAC targets use of stablecoins for Russian sanctions evasion — Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-targets-use-of-stablecoins-for-russian-sanctions-evasion"},{"credibility":2,"name":"The A7 Leaks: The role of crypto in Russian sanctions evasion and election interference — Elliptic","type":"research","url":"https://www.elliptic.co/blog/the-a7-leaks-the-role-of-crypto-in-russian-sanctions-evasion-and-election-interference"}]},{"content":"A7 LLC and Old Vector LLC have been designated by multiple governments. The United Kingdom's FCDO first designated A7 LLC in May 2025, followed by the European Union in July 2025, the United States (OFAC) on August 14, 2025, Ukraine, Canada, Switzerland, New Zealand, France, and Belgium. In a second UK sanctions package issued on May 26, 2026, the UK FCDO designated an additional 18 crypto entities connected to the broader A7 network — the most expansive UK crypto sanctions package to date — citing the A7 payments network as the alleged anchor infrastructure through which UK authorities claim over $90 billion was moved in 2025 in support of Russian military operations, approximately equivalent to half of Russia's annual military budget. The EU's 19th sanctions package (adopted October 2025) went further than US and UK designations by explicitly prohibiting any direct or indirect transactions involving the A7A5 token itself, with those sanctions entering into force on November 25, 2025. OFAC's August 2025 action blocked U.S. persons from interacting with A7 LLC, Old Vector LLC, subsidiaries A71 and A7 Agent, and froze assets tied to more than a dozen identified crypto addresses.","heading":"Multi-Jurisdictional Sanctions Designations","severity":"critical","sources":[{"credibility":1,"name":"UK targets sanctions circumvention and crypto networks exploited by Russia — GOV.UK","type":"regulatory","url":"https://www.gov.uk/government/news/uk-targets-sanctions-circumvention-and-crypto-networks-exploited-by-russia"},{"credibility":2,"name":"UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2026/05/26/uk-sanctions-huobi-and-ruble-stablecoin-issuer-in-crackdown-on-russia-crypto-networks"},{"credibility":2,"name":"UK Designates Huobi, Exmo, Bitpapa and 11 Other Entities for Russian Crypto Sanctions Evasion — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/uk-designates-huobi-exmo-bitpapa-and-11-other-entities-for-russian-crypto-sanctions-evasion"},{"credibility":2,"name":"The EU's 20th sanctions package targets the architecture of crypto sanctions evasion — Elliptic","type":"research","url":"https://www.elliptic.co/blog/eu-20th-sanctions-package-targets-the-architecture-of-crypto-sanctions-evasion"},{"credibility":2,"name":"EU Sanctions A7A5 Stablecoin and Tightens Rules on Crypto Compliance — Scorechain","type":"news_article","url":"https://www.scorechain.com/blog/eu-sanctions-a7a5-stablecoin-tightens-crypto-compliance"},{"credibility":1,"name":"A7 Limited Liability Company — OpenSanctions","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-ZoBhzZv7NdLLmjMYu9QXxg/"}]},{"content":"A7A5 was launched in January 2025 and operates primarily on the TRON blockchain, with approximately 99% of circulating tokens held on TRON and a smaller presence on Ethereum. As of mid-2025, the token had over 39–41 billion A7A5 tokens in circulation, representing approximately $500–$521 million USD, making it the 20th-largest stablecoin by market capitalization at that time. Arkham Intelligence reported the stablecoin grew from 11 billion to 39 billion tokens in circulation throughout 2025. Cumulative transaction volume exceeded $51 billion through July 2025 per Chainalysis analysis, and Elliptic reported daily transfer volumes exceeding $1 billion as of mid-2025. A7A5's total exchange volumes included 61% A7A5/Ruble pairs and 39% A7A5/USDT pairs. Peak weekly activity was recorded in the week of July 21, 2025, with approximately 524.8 billion tokens moved worth approximately $6.66 billion. Individual transactions exceeding $100 million and at least one transaction valued over $413 million have been documented on-chain by Arkham Intelligence. Transaction timing patterns — concentrated on Monday through Friday business hours with highest volumes at the start of the work week — are consistent with commercial rather than retail usage. The UK government's May 2026 sanctions notice stated the A7A5 token processed $9.3 billion on a dedicated crypto exchange in just four months following launch.","heading":"On-Chain Activity and Trading Volume","severity":"critical","sources":[{"credibility":2,"name":"The rise of A7A5: the Ruble stablecoin now transfers $1 billion per day — Elliptic","type":"research","url":"https://www.elliptic.co/blog/the-rise-of-a7a5-the-ruble-stablecoin-now-transfers-1-billion-per-day"},{"credibility":2,"name":"How A7A5 and Grinex Enable The Russian Shadow Crypto Economy — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/a7a5-grinex-russian-crypto-economy-ofac-sanctions-august-2025/"},{"credibility":2,"name":"A7A5: The Ruble Stablecoin Linked To A Growing Shadow Economy — Arkham Intelligence","type":"on_chain","url":"https://info.arkm.com/research/a7a5-russia-stablecoin-ruble-what-is-explained-2026"},{"credibility":2,"name":"UK Sanctions Crypto Companies With Russia Ties — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/uk-sanctions-crypto-entities-russian-trade-blockade-evasion-may-2026/"}]},{"content":"Chainalysis and TRM Labs analyses establish a documented on-chain link between A7A5 and the sanctioned Russian cryptocurrency exchange Garantex and its alleged successor, Grinex. Following Garantex's law enforcement disruption on March 7, 2025, on-chain data shows a large volume of A7A5 tokens were transferred from Old Vector to Garantex and subsequently burned on March 10, 2025. An equivalent quantity was immediately minted and deposited into a wallet associated with Old Vector, with the liquidity ultimately reaching Grinex. This token flow effectively provided Grinex with newly minted A7A5 liquidity to support market operations following Garantex's closure. TRM Labs noted that flows to the broader post-Garantex exchange ecosystem — including Rapira, Aifory Pro, Grinex.io, ABCex, A7, and Old Vector LLC — increased more than tenfold following the Garantex disruption, from approximately $111 million in the 26 months before the takedown to $1.13 billion in the 14 months after. Grinex was incorporated in Kyrgyzstan in December 2024, prior to the Garantex seizure, and was promoted on Telegram channels linked to Garantex as a replacement platform. The A7A5 stablecoin served as the primary bridge mechanism enabling customer migration from Garantex to Grinex without exposure to the global banking system.","heading":"Connections to Garantex and Grinex","severity":"critical","sources":[{"credibility":2,"name":"Garantex, Grinex, and the A7A5 Token: A Deep Dive into Sanctions Evasion Networks — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/garantex-grinex-and-the-a7a5-token-a-deep-dive-into-sanctions-evasion-networks"},{"credibility":2,"name":"How A7A5 and Grinex Enable The Russian Shadow Crypto Economy — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/a7a5-grinex-russian-crypto-economy-ofac-sanctions-august-2025/"},{"credibility":1,"name":"Cryptocurrency exchange Garantex lives on despite sanctions — ICIJ","type":"news_article","url":"https://www.icij.org/news/2025/09/cryptocurrency-exchange-garantex-lives-on-despite-sanctions-new-report-unveils/"}]},{"content":"All major centralized exchanges rejected A7A5 listing applications due to secondary sanctions exposure. A7A5's director for Regulatory and Overseas Affairs, Oleg Ogienko, confirmed the company approached multiple major centralized platforms, all of which rejected the listing. HTX (formerly Huobi) stated explicitly that A7A5's application was rejected following its internal due diligence and compliance review. In response to CEX rejections, A7A5 pivoted to decentralized finance infrastructure. The stablecoin operates on A7A5's own decentralized exchanges on TRON and Ethereum, and is also available on Curve and Uniswap. Daily trading volumes between A7A5 and USDT on the A7A5 DEX grew to approximately $150 million per day at peak, with USDT liquidity provided by A7A5's issuer, which injected an estimated $1.2–1.3 billion in USDT into DEX pools since July 11, 2025. The DEX pivot means A7A5 remained actively accessible to retail users via permissionless DeFi protocols without compliance warnings on those platforms. Ogienko stated publicly that 'our business model runs on DeFi infrastructure' and expressed openness to future CEX partnerships, while asserting: 'we do not do illegal things.' The stablecoin offers holders approximately 13.5% yield in additional A7A5 tokens, reflecting Russian interest rates, sourced from 50% of the interest earned on backing deposits.","heading":"DeFi Pivot and Retail Accessibility","severity":"high","sources":[{"credibility":2,"name":"Crypto exchange HTX rejects U.K. sanction allegations, says it refused ruble stablecoin listing — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/05/27/crypto-exchange-htx-rejects-u-k-sanction-allegations-says-it-refused-ruble-stablecoin-listing"},{"credibility":2,"name":"'We do not do illegal things': Inside the sanctioned stablecoin issuer A7A5's race to build a crypto giant — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/02/16/we-do-not-do-illegal-things-inside-a-u-s-sanctioned-stablecoin-issuer-s-race-to-build-a-crypto-giant"},{"credibility":2,"name":"Ruble-pegged stablecoin A7A5 says it has a business even if sanctions end — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/05/24/a-russian-stablecoin-built-to-dodge-sanctions-says-it-can-survive-even-if-they-re-lifted"},{"credibility":2,"name":"The rise of A7A5: the Ruble stablecoin now transfers $1 billion per day — Elliptic","type":"research","url":"https://www.elliptic.co/blog/the-rise-of-a7a5-the-ruble-stablecoin-now-transfers-1-billion-per-day"}]},{"content":"Ilan Shor is a Moldovan political figure and businessman who was convicted in Moldova in 2017 for involvement in the 2014 theft of approximately $1 billion from three Moldovan banks. Following his conviction, Shor fled first to Israel and then to Russia, which granted him citizenship. He was sanctioned by the United States in 2022 for aiding Russia in efforts to undermine democratic elections in Moldova. OpenSanctions records indicate Shor held a 51% ownership stake in A7 LLC, with Promsvyazbank holding the remaining 49%. The Centre for Information Resilience and Elliptic investigations documented shared digital infrastructure linking A7 and A7A5 to domains previously used in Shor's political activities targeting Moldova. Moldovan police have documented Shor and Promsvyazbank's alleged use of cryptocurrency payments — including through the Toncoin-based Taito application — to pay political activists and influence Moldovan voters during the 2024 presidential election and EU membership referendum. OpenSanctions records the sanctioning rationale as A7 LLC being 'established by Ilan Shor, together with multiple financial companies in Moscow, partnering with Russian state entities' to offer 'payments in exchange for votes.'","heading":"Ilan Shor: Ownership and Sanctions Background","severity":"critical","sources":[{"credibility":1,"name":"A7, Company Implicated In Sanctions Evasion, Reportedly Linked To Russian Oligarchs — RFE/RL","type":"news_article","url":"https://www.rferl.org/a/russia-cryptocurrency-a7a5-ilan-shor-investigation-sanction-evasion/33746026.html"},{"credibility":2,"name":"A7 Leak and Ilan Shor: Crypto for Sanctions Evasion and Elections in Moldova — Bitcoinsensus","type":"news_article","url":"https://www.bitcoinsensus.com/news/business/a7-leak-and-ilan-shor-crypto-for-sanctions-evasion-and-elections-in-moldova"},{"credibility":2,"name":"The A7 Leaks: The role of crypto in Russian sanctions evasion and election interference — Elliptic","type":"research","url":"https://www.elliptic.co/blog/the-a7-leaks-the-role-of-crypto-in-russian-sanctions-evasion-and-election-interference"},{"credibility":1,"name":"A7 Limited Liability Company — OpenSanctions","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-ZoBhzZv7NdLLmjMYu9QXxg/"}]},{"content":"A7A5 claims 1:1 backing by ruble deposits held in accounts at Promsvyazbank (PSB). Promsvyazbank is a Russian state-owned bank that has been sanctioned by the US, UK, EU, and allied governments for financing Russia's defense industry and assisting in sanctions evasion. PSB is described by multiple regulators as the primary bank servicing Russia's military-industrial complex. The use of a sanctioned bank as the exclusive reserve custodian for A7A5's backing creates direct counterparty exposure to sanctioned entities for any holder of the token. Russia's central bank additionally recognized A7A5 as a 'digital financial asset' in October 2025, per Arkham Intelligence reporting. A7 LLC also received loans from VEB.RF, the Russian state development institution, according to OpenSanctions records. The CoinDesk May 2024 article noted A7A5 was tied to Russia's sanctioned Promsvyazbank, which the Centre for Information Resilience confirmed 'was sanctioned for financing Russia's defense sector.'","heading":"Promsvyazbank and Reserve Backing Concerns","severity":"critical","sources":[{"credibility":2,"name":"A7A5: Circumventing sanctions with stablecoin cryptocurrency — Centre for Information Resilience","type":"research","url":"https://www.info-res.org/reports/a7a5-circumventing-sanctions-with-stablecoin-cryptocurrency/"},{"credibility":2,"name":"OFAC targets use of stablecoins for Russian sanctions evasion — Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-targets-use-of-stablecoins-for-russian-sanctions-evasion"},{"credibility":2,"name":"How A7A5 and Grinex Enable The Russian Shadow Crypto Economy — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/a7a5-grinex-russian-crypto-economy-ofac-sanctions-august-2025/"}]},{"content":"A7A5's director for Regulatory and Overseas Affairs, Oleg Ogienko, has publicly asserted that A7A5 is fully compliant with the regulations of Kyrgyzstan and Russia, and that the project does not violate any Financial Action Task Force (FATF) principles. Ogienko stated A7A5 has embedded KYC and AML mechanisms and undergoes regular audits. He acknowledged in a May 2026 interview that Russia's pending stablecoin legislation could be commercially unviable if enacted in its current draft form, noting concerns about the cap restricting retail non-qualified investors to approximately $4,000 annually. Ogienko stated that the company participates in Russian State Duma consultations on digital asset frameworks. However, operating under Kyrgyz regulation while serving a network of entities subject to international sanctions does not insulate the project or its users from legal exposure in sanctioning jurisdictions. Multiple legal analysts have noted that while using Russian-linked crypto to bypass sanctions is not unlawful in Kyrgyzstan or Russia, it constitutes a sanctions violation for US, UK, and EU persons. The issuance entity Old Vector LLC is itself a designated SDN.","heading":"Compliance Claims and Regulatory Context","severity":"high","sources":[{"credibility":2,"name":"'We do not do illegal things': Inside the sanctioned stablecoin issuer A7A5's race to build a crypto giant — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/02/16/we-do-not-do-illegal-things-inside-a-u-s-sanctioned-stablecoin-issuer-s-race-to-build-a-crypto-giant"},{"credibility":2,"name":"Ruble-pegged stablecoin A7A5 says it has a business even if sanctions end — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/05/24/a-russian-stablecoin-built-to-dodge-sanctions-says-it-can-survive-even-if-they-re-lifted"},{"credibility":2,"name":"Crypto exchange HTX rejects U.K. sanction allegations, says it refused ruble stablecoin listing — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/05/27/crypto-exchange-htx-rejects-u-k-sanction-allegations-says-it-refused-ruble-stablecoin-listing"}]},{"content":"On September 3, 2025, a data leak from A7's internal systems was disclosed publicly. Elliptic's analysis of the leaked data documented a wallet holding $677 million in inflows through a single identified A7-affiliated address, and identified total stablecoin inflows of at least $8 billion into A7 wallets since early 2024. The leak also revealed internal applications used to manage political activist payments in Moldova: the Taito app for managing and paying activists, a Callcenter app for political polling, and a Toncoin-based bot for cryptocurrency payments to identified individuals. Unusual wallet activity was observed on August 14, 2025 — the same day as OFAC's designation — suggesting the infrastructure may have been altered following awareness of the pending action. The ICIJ reported in September 2025 that Garantex effectively continued operations through successor infrastructure despite the March 2025 law enforcement action.","heading":"September 2025 Data Leak","severity":"high","sources":[{"credibility":2,"name":"The A7 Leaks: The role of crypto in Russian sanctions evasion and election interference — Elliptic","type":"research","url":"https://www.elliptic.co/blog/the-a7-leaks-the-role-of-crypto-in-russian-sanctions-evasion-and-election-interference"},{"credibility":1,"name":"Cryptocurrency exchange Garantex lives on despite sanctions — ICIJ","type":"news_article","url":"https://www.icij.org/news/2025/09/cryptocurrency-exchange-garantex-lives-on-despite-sanctions-new-report-unveils/"}]},{"content":"The UK FCDO's May 26, 2026 package — the most expansive UK crypto sanctions action to date — designated 18 entities and individuals as part of the A7 network ecosystem. Designated entities include Huobi Global S.A. (HTX), which TRM Labs reported sent over $4.9 billion to Russian-network entities since 2021 and $838 million to A7 in 2025 alone; Exmo Exchange; Bitpapa IC FZC LLC (already under OFAC 2024 and Ukraine 2025 sanctions); Rapira Group LLC (alleged $543 million in bilateral flows); ABCex; Aifory Pro LLC (alleged $3 billion in ruble-to-crypto onramp activity); Grinex; Eurasian Savings Bank (Kyrgyzstan); Old Vector LLC; Virtual Assets Issuer (issuer of the USDKG gold-backed stablecoin); Arvix LLC; Meer cryptocurrency exchange; CJSC Tengricoin; Old Vector LLC; Capital Bank of Central Asia; and several associated individuals including Sergey Mendeleev, Igor Gorin, Irina Akopyan, and Liran Cohen. The UK package was the first application of Regulation 17A banking-style sanctions to crypto exchanges, requiring UK firms to freeze funds and trace transactions across blockchain hops, taking effect immediately upon announcement.","heading":"Broader Network: 18-Entity UK Sanctions Package","severity":"critical","sources":[{"credibility":2,"name":"UK Designates Huobi, Exmo, Bitpapa and 11 Other Entities for Russian Crypto Sanctions Evasion — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/uk-designates-huobi-exmo-bitpapa-and-11-other-entities-for-russian-crypto-sanctions-evasion"},{"credibility":2,"name":"UK Sanctions Crypto Companies With Russia Ties — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/uk-sanctions-crypto-entities-russian-trade-blockade-evasion-may-2026/"},{"credibility":2,"name":"UK sanctions crypto exchanges and A7 network in crackdown on Russian evasion systems — Euromaidan Press","type":"news_article","url":"https://euromaidanpress.com/2026/05/26/uk-sanctions-crypto-exchanges-and-a7-network/"},{"credibility":1,"name":"UK targets sanctions circumvention and crypto networks exploited by Russia — GOV.UK","type":"regulatory","url":"https://www.gov.uk/government/news/uk-targets-sanctions-circumvention-and-crypto-networks-exploited-by-russia"},{"credibility":2,"name":"UK Sanctions 18 Crypto Firms Helping Russia Dodge War Restrictions — Technology.org","type":"news_article","url":"https://www.technology.org/2026/05/27/uk-sanctions-russia-a7-crypto-networks/"}]}],"sources_used":[{"credibility":1,"name":"UK targets sanctions circumvention and crypto networks exploited by Russia — GOV.UK","type":"regulatory","url":"https://www.gov.uk/government/news/uk-targets-sanctions-circumvention-and-crypto-networks-exploited-by-russia"},{"credibility":2,"name":"UK sanctions Huobi and ruble stablecoin issuer in crackdown on Russia crypto networks — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2026/05/26/uk-sanctions-huobi-and-ruble-stablecoin-issuer-in-crackdown-on-russia-crypto-networks"},{"credibility":2,"name":"Crypto exchange HTX rejects U.K. sanction allegations, says it refused ruble stablecoin listing — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/05/27/crypto-exchange-htx-rejects-u-k-sanction-allegations-says-it-refused-ruble-stablecoin-listing"},{"credibility":2,"name":"Ruble-pegged stablecoin A7A5 says it has a business even if sanctions end — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/05/24/a-russian-stablecoin-built-to-dodge-sanctions-says-it-can-survive-even-if-they-re-lifted"},{"credibility":2,"name":"'We do not do illegal things': Inside the sanctioned stablecoin issuer A7A5's race to build a crypto giant — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/02/16/we-do-not-do-illegal-things-inside-a-u-s-sanctioned-stablecoin-issuer-s-race-to-build-a-crypto-giant"},{"credibility":2,"name":"OFAC Sanctions Crypto Network Behind Ruble-Backed Stablecoin and Shuttered Exchange Garantex — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/08/14/ofac-sanctions-crypto-network-behind-ruble-backed-stablecoin-and-shuttered-exchange-garantex"},{"credibility":2,"name":"UK Sanctions Crypto Companies With Russia Ties — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/uk-sanctions-crypto-entities-russian-trade-blockade-evasion-may-2026/"},{"credibility":2,"name":"How A7A5 and Grinex Enable The Russian Shadow Crypto Economy — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/a7a5-grinex-russian-crypto-economy-ofac-sanctions-august-2025/"},{"credibility":2,"name":"UK Designates Huobi, Exmo, Bitpapa and 11 Other Entities for Russian Crypto Sanctions Evasion — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/uk-designates-huobi-exmo-bitpapa-and-11-other-entities-for-russian-crypto-sanctions-evasion"},{"credibility":2,"name":"Garantex, Grinex, and the A7A5 Token: A Deep Dive into Sanctions Evasion Networks — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/garantex-grinex-and-the-a7a5-token-a-deep-dive-into-sanctions-evasion-networks"},{"credibility":2,"name":"The rise of A7A5: the Ruble stablecoin now transfers $1 billion per day — Elliptic","type":"research","url":"https://www.elliptic.co/blog/the-rise-of-a7a5-the-ruble-stablecoin-now-transfers-1-billion-per-day"},{"credibility":2,"name":"OFAC targets use of stablecoins for Russian sanctions evasion — Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-targets-use-of-stablecoins-for-russian-sanctions-evasion"},{"credibility":2,"name":"The A7 Leaks: The role of crypto in Russian sanctions evasion and election interference — Elliptic","type":"research","url":"https://www.elliptic.co/blog/the-a7-leaks-the-role-of-crypto-in-russian-sanctions-evasion-and-election-interference"},{"credibility":2,"name":"EU Sanctions A7A5 Stablecoin and Tightens Rules on Crypto Compliance — Scorechain","type":"news_article","url":"https://www.scorechain.com/blog/eu-sanctions-a7a5-stablecoin-tightens-crypto-compliance"},{"credibility":2,"name":"EU sanctions against A7A5 and Payeer come into effect — Elliptic","type":"research","url":"https://www.elliptic.co/blog/eu-sanctions-against-a7a5-and-payeer-come-into-effect"},{"credibility":2,"name":"The EU's 20th sanctions package targets the architecture of crypto sanctions evasion — Elliptic","type":"research","url":"https://www.elliptic.co/blog/eu-20th-sanctions-package-targets-the-architecture-of-crypto-sanctions-evasion"},{"credibility":2,"name":"A7A5: The Ruble Stablecoin Linked To A Growing Shadow Economy — Arkham Intelligence","type":"on_chain","url":"https://info.arkm.com/research/a7a5-russia-stablecoin-ruble-what-is-explained-2026"},{"credibility":2,"name":"A7A5: Circumventing sanctions with stablecoin cryptocurrency — Centre for Information Resilience","type":"research","url":"https://www.info-res.org/reports/a7a5-circumventing-sanctions-with-stablecoin-cryptocurrency/"},{"credibility":2,"name":"A7 Leak and Ilan Shor: Crypto for Sanctions Evasion and Elections in Moldova — Bitcoinsensus","type":"news_article","url":"https://www.bitcoinsensus.com/news/business/a7-leak-and-ilan-shor-crypto-for-sanctions-evasion-and-elections-in-moldova"},{"credibility":1,"name":"A7, Company Implicated In Sanctions Evasion, Reportedly Linked To Russian Oligarchs — RFE/RL","type":"news_article","url":"https://www.rferl.org/a/russia-cryptocurrency-a7a5-ilan-shor-investigation-sanction-evasion/33746026.html"},{"credibility":1,"name":"Cryptocurrency exchange Garantex lives on despite sanctions — ICIJ","type":"news_article","url":"https://www.icij.org/news/2025/09/cryptocurrency-exchange-garantex-lives-on-despite-sanctions-new-report-unveils/"},{"credibility":2,"name":"UK sanctions crypto exchanges and A7 network in crackdown on Russian evasion systems — Euromaidan Press","type":"news_article","url":"https://euromaidanpress.com/2026/05/26/uk-sanctions-crypto-exchanges-and-a7-network/"},{"credibility":1,"name":"A7 Limited Liability Company — OpenSanctions","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-ZoBhzZv7NdLLmjMYu9QXxg/"},{"credibility":1,"name":"Old Vector LLC — OpenSanctions","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-BWSfTq3iX7YzFrwPyiszKh/"},{"credibility":2,"name":"UK Sanctions 18 Crypto Firms Helping Russia Dodge War Restrictions — Technology.org","type":"news_article","url":"https://www.technology.org/2026/05/27/uk-sanctions-russia-a7-crypto-networks/"},{"credibility":2,"name":"A7A5 stablecoin aims to evolve beyond sanctions as trade tool — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/a7a5-stablecoin-sanctions-trade-tool/"}],"summary":"A7A5 is a Russian ruble-pegged stablecoin launched in January 2025 and issued by Old Vector LLC, a Kyrgyzstan-based entity controlled by A7 LLC — a company co-owned by sanctioned Moldovan oligarch Ilan Shor and Promsvyazbank, a Russian state-owned bank serving the defense sector. The stablecoin operates on the Ethereum and TRON blockchains and logged over $93 billion in cumulative trading volume in its first year despite having no listing on any major centralized exchange. A7 LLC and Old Vector LLC have been designated by the United Kingdom, United States, European Union, and multiple allied governments for alleged facilitation of Russian sanctions evasion and support for Russia's military procurement infrastructure.","timeline":[{"date":"2024-10-01","event":"A7 LLC incorporated in Moscow with Ilan Shor as majority owner (51%) and Promsvyazbank as minority owner (49%), stated purpose of facilitating cross-border financial transfers for Russian clients facing Western sanctions.","source":"OpenSanctions / Centre for Information Resilience","source_url":"https://www.opensanctions.org/entities/NK-ZoBhzZv7NdLLmjMYu9QXxg/"},{"date":"2024-12-01","event":"Grinex incorporated in Kyrgyzstan by an individual with no known prior history in the exchange business — later identified as an alleged Garantex successor platform.","source":"Garantex, Grinex, and the A7A5 Token — TRM Labs","source_url":"https://www.trmlabs.com/resources/blog/garantex-grinex-and-the-a7a5-token-a-deep-dive-into-sanctions-evasion-networks"},{"date":"2025-01-01","event":"A7A5 ruble-pegged stablecoin launched in Kyrgyzstan by Old Vector LLC on the TRON and Ethereum blockchains, with reserves claimed to be held at Promsvyazbank.","source":"Elliptic — The rise of A7A5","source_url":"https://www.elliptic.co/blog/the-rise-of-a7a5-the-ruble-stablecoin-now-transfers-1-billion-per-day"},{"date":"2025-03-07","event":"Law enforcement disrupts Garantex cryptocurrency exchange. On-chain data subsequently shows A7A5 tokens burned from Garantex wallets and equivalent amounts re-minted and routed to Grinex, providing the successor exchange with initial liquidity.","source":"How A7A5 and Grinex Enable The Russian Shadow Crypto Economy — Chainalysis","source_url":"https://www.chainalysis.com/blog/a7a5-grinex-russian-crypto-economy-ofac-sanctions-august-2025/"},{"date":"2025-05-20","event":"UK FCDO first designates A7 LLC under Russian sanctions regulations.","source":"A7 Limited Liability Company — OpenSanctions","source_url":"https://www.opensanctions.org/entities/NK-ZoBhzZv7NdLLmjMYu9QXxg/"},{"date":"2025-07-11","event":"A7A5 issuer begins injecting USDT liquidity into DEX pools; total injected reaches approximately $1.2–1.3 billion by mid-2025, with $150 million in daily A7A5/USDT volumes depleted within 10 minutes of provision.","source":"The rise of A7A5: the Ruble stablecoin now transfers $1 billion per day — Elliptic","source_url":"https://www.elliptic.co/blog/the-rise-of-a7a5-the-ruble-stablecoin-now-transfers-1-billion-per-day"},{"date":"2025-07-15","event":"European Union designates A7 LLC as part of its Ukraine-related sanctions package.","source":"A7 Limited Liability Company — OpenSanctions","source_url":"https://www.opensanctions.org/entities/NK-ZoBhzZv7NdLLmjMYu9QXxg/"},{"date":"2025-07-21","event":"A7A5 peak weekly activity recorded: approximately 524.8 billion tokens moved worth approximately $6.66 billion in a single week.","source":"How A7A5 and Grinex Enable The Russian Shadow Crypto Economy — Chainalysis","source_url":"https://www.chainalysis.com/blog/a7a5-grinex-russian-crypto-economy-ofac-sanctions-august-2025/"},{"date":"2025-08-14","event":"OFAC designates A7 LLC, Old Vector LLC, subsidiaries A71 and A7 Agent, Grinex, InDeFi Bank, Exved, and Garantex executives Sergey Mendeleev, Aleksandr Mira Serda, and Pavel Karavatsky. A7A5 daily volumes fall from peaks above $1.5 billion to approximately $500 million following the announcement.","source":"OFAC Sanctions Crypto Network Behind Ruble-Backed Stablecoin — CoinDesk","source_url":"https://www.coindesk.com/policy/2025/08/14/ofac-sanctions-crypto-network-behind-ruble-backed-stablecoin-and-shuttered-exchange-garantex"},{"date":"2025-09-03","event":"Internal A7 data leaked publicly. Elliptic analysis documents $8 billion in stablecoin inflows to A7 wallets since early 2024, a $677 million single-wallet inflow, and internal applications used to manage alleged political activist payments in Moldova.","source":"The A7 Leaks: The role of crypto in Russian sanctions evasion and election interference — Elliptic","source_url":"https://www.elliptic.co/blog/the-a7-leaks-the-role-of-crypto-in-russian-sanctions-evasion-and-election-interference"},{"date":"2025-10-23","event":"EU adopts 19th sanctions package explicitly prohibiting any direct or indirect transactions involving the A7A5 token, effective November 25, 2025.","source":"EU Sanctions A7A5 Stablecoin and Tightens Rules on Crypto Compliance — Scorechain","source_url":"https://www.scorechain.com/blog/eu-sanctions-a7a5-stablecoin-tightens-crypto-compliance"},{"date":"2025-10-25","event":"Russia's central bank officially recognizes A7A5 as a 'digital financial asset', according to Arkham Intelligence reporting.","source":"A7A5: The Ruble Stablecoin Linked To A Growing Shadow Economy — Arkham Intelligence","source_url":"https://info.arkm.com/research/a7a5-russia-stablecoin-ruble-what-is-explained-2026"},{"date":"2025-11-25","event":"EU sanctions explicitly prohibiting A7A5 transactions enter into force.","source":"EU sanctions against A7A5 and Payeer come into effect — Elliptic","source_url":"https://www.elliptic.co/blog/eu-sanctions-against-a7a5-and-payeer-come-into-effect"},{"date":"2026-02-16","event":"CoinDesk publishes interview with A7A5 regulatory director Oleg Ogienko, in which Ogienko claims full FATF and Kyrgyz regulatory compliance and states the company 'does not do illegal things,' while confirming the DeFi pivot following widespread CEX rejection.","source":"We do not do illegal things: Inside the sanctioned stablecoin issuer A7A5's race to build a crypto giant — CoinDesk","source_url":"https://www.coindesk.com/markets/2026/02/16/we-do-not-do-illegal-things-inside-a-u-s-sanctioned-stablecoin-issuer-s-race-to-build-a-crypto-giant"},{"date":"2026-05-24","event":"CoinDesk reports Ogienko stating A7A5 can sustain a business model even if international sanctions on Russia are lifted, citing Asian, African, and South American trade settlement demand.","source":"Ruble-pegged stablecoin A7A5 says it has a business even if sanctions end — CoinDesk","source_url":"https://www.coindesk.com/policy/2026/05/24/a-russian-stablecoin-built-to-dodge-sanctions-says-it-can-survive-even-if-they-re-lifted"},{"date":"2026-05-26","event":"UK FCDO issues 18-entity crypto sanctions package, the most expansive UK crypto sanctions package to date, designating A7 network infrastructure including Old Vector LLC, Huobi Global S.A. (HTX), Exmo, Bitpapa, Rapira Group, ABCex, Aifory Pro, Grinex, Eurasian Savings Bank, and others. UK alleges the A7 network moved over $90 billion in 2025, roughly half Russia's annual military budget. First application of Regulation 17A banking-style sanctions to crypto exchanges.","source":"UK targets sanctions circumvention and crypto networks exploited by Russia — GOV.UK","source_url":"https://www.gov.uk/government/news/uk-targets-sanctions-circumvention-and-crypto-networks-exploited-by-russia"},{"date":"2026-05-27","event":"HTX issues public statement rejecting UK sanction allegations and confirming it had explicitly rejected A7A5's listing application following internal due diligence.","source":"Crypto exchange HTX rejects U.K. sanction allegations — CoinDesk","source_url":"https://www.coindesk.com/markets/2026/05/27/crypto-exchange-htx-rejects-u-k-sanction-allegations-says-it-refused-ruble-stablecoin-listing"}]},"v":1}