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The US has imposed sanctions on the Russian ruble stablecoin A7A5 and its associated trading platform, involving $1 billion in sanction-evasion transactions.
[Block Rhythm] On August 15, it was reported that the United States imposed blacklist sanctions on the ruble stablecoin A7A5 and a closed Russian cryptocurrency trading platform's encryption network. The platform was shut down after processing over 100 million dollars in illegal transactions and then rebranded as Grinex to continue operations. The stablecoin A7A5 is supported by Russian institutions and is used to evade international sanctions, with a daily volume of 1 billion dollars.
The police from the United States, Germany, and Finland collaborated to seize the website domain of the platform and freeze assets amounting to 26 million USD in March. Key executives of the platform, Sergey Mendeleev, Aleksandr Mira Serda, and Pavel Karavatsky, along with Mendeleev's company InDeFi Bank and Exved, were also included in the sanctions list for helping sanctioned Russian companies trade through encryption channels. According to reports from data platforms, the ruble stablecoin A7A5 supported a 'sanctions evasion scheme' that allowed Russian companies to bypass traditional banking systems for cross-border payment settlements.