The EU slashes the Stablecoin A7A5 pegged to the Russian Ruble after the conflict escalates.

The European Union (EU) on October 23 imposed an order of sanctions against stablecoin A7A5 pegged to the ruble, issued by A7 Company and Promsvyazbank. The trading ban takes effect from November 25 to block the routes for converting rubles into cryptocurrency, which are believed to be used to evade international sanctions.

A7A5 launched in Kyrgyzstan and is backed by Promsvyazbank. The EU's ban on all transactions with this stablecoin is seen as a strong move to prevent Russian financial channels from exploiting cryptocurrencies. However, experts believe the impact on the global cryptocurrency market will be negligible.

In the official statement, the EU confirmed the inclusion of A7 Company and A7A5 on the sanctions list. So far, A7 Company, Promsvyazbank, and related parties have not made any comments.