US Sanctions Ruble-Backed Stablecoin A7A5 and Garantex-Related Companies and Individuals

Foresight News reports, citing Cointelegraph, that the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on the ruble-backed stablecoin A7A5 and on companies and individuals associated with the now-defunct exchange Garantex, accusing them of helping Moscow circumvent international sanctions. Previously, the crypto trading platform Grinex transferred Garantex customer funds to the A7A5 token in order to restore access after assets were seized. The token is issued by Kyrgyzstan-based company Old Vector and was created by A7 LLC, a cross-border settlement platform designed specifically for Russian users.