"A7 was founded in 2024 by Ilan Shor, an oligarch wanted in his home country of Moldova for his role in a massive bank theft more than a decade ago."
"Using legal entities based in Kyrgyzstan, A7 created a cryptocurrency called A7A5, which is billed as the world's first ruble-pegged stablecoin, backed by deposits held by PSB Bank."
"Since its launch, A7A5 has recorded a 'phenomenal' amount of transactions, leading money-laundering experts to conclude it is being used as a way to evade Western financial sanctions imposed on Russia."
"Among those using A7 for payments are Roman Abramovich, a billionaire oligarch with close ties to the Kremlin, as well as former Federal Security Service Director Nikolai Patrushev."
A7, founded by Ilan Shor, is involved in a sanctions evasion scheme using the ruble-pegged cryptocurrency A7A5. The company has Kremlin support and is linked to PSB Bank, which has been sanctioned. A7A5 has facilitated a significant volume of transactions, accounting for 15 percent of cross-border payments. Notable users include oligarch Roman Abramovich and former security chief Nikolai Patrushev. The operation raises concerns among money-laundering experts regarding its role in circumventing Western sanctions against Russia due to the Ukraine conflict.
Read at RadioFreeEurope/RadioLiberty
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