Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
EU Targets Russia’s $496,000,000 Crypto Lifeline with Stablecoin Sanctions: Report

EU Targets Russia’s $496,000,000 Crypto Lifeline with Stablecoin Sanctions: Report

Daily HodlDaily Hodl2025/10/06 16:00
By:by Daily Hodl Staff

The European Union is proposing new sanctions to choke off a ruble-backed stablecoin that’s fueling sanctions evasion.

The bloc aims to ban all EU entities from trading the A7A5 token, which has processed $68 billion in transactions since launch, reports Bloomberg.

Owned by Moldovan fugitive banker Ilan Shor and Russia’s state lender Promsvyazbank, the stablecoin boasts 41.6 billion tokens in circulation worth $496 million as of September 26th.

The coin was created by the payments firm A7, which was hit with US penalties earlier this year.

EU leaders say the coin directly helps Russian firms dodge Western restrictions via crypto swaps through exchanges like the blacklisted Garantex, and the move is designed to escalate pressure on Moscow’s digital workarounds amid the ongoing war with Ukraine.

The EU’s measures will need unanimous EU approval and would also target banks in Russia, Belarus and Central Asia for enabling the crypto stablecoin’s flows.

Generated Image: Midjourney

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

The Growing Need for AI Professionals and How It Influences Technology Company Valuations

- Global AI talent demand surged in 2025, driving universities to expand AI curricula and industry partnerships. - Top institutions like MIT and Stanford prioritize ethical AI education, while international schools like Nanyang Tech boost AI research. - Universities with AI-focused endowments achieved 14-15.5% returns in 2025, outperforming traditional education assets. - Education ETFs like Leverage Shares +3x Long AI ETP rose 120% in 2025, tracking AI infrastructure growth and semiconductor demand. - AI

Bitget-RWA2025/12/09 00:04
The Growing Need for AI Professionals and How It Influences Technology Company Valuations
© 2025 Bitget