The Financial Times has uncovered that a new digital currency, A7A5, launched in February 2025 in Kyrgyzstan, has already processed about $9.3 billion in just four months. Sanctioned Russian companies now use A7A5 as their primary crypto corridor for cross-border payments.
An investigation reported by Bani.md found that A7A5 is pegged to the Russian ruble and backed by deposits at Promsvyazbank—a Russian defense bank sanctioned by the US, EU, and UK. Ilan Shor, a Moldovan oligarch who fled Moldova and currently faces British and Canadian sanctions, reportedly controls the token.
Traders mainly use Grinex, a crypto exchange based in Bishkek, to trade A7A5. Many view Grinex as the successor to Garantex, which US authorities shut down for money laundering. Russian importers use the platform to convert rubles into A7A5 and then into USDT (Tether), allowing them to bypass Western financial systems and stricter KYC procedures.
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Blockchain analysts observed that a small number of wallets handle most transactions, indicating centralized control over fund flows rather than market-driven activity.
Sources cited by the Financial Times claim that the issuer of A7A5 operates closely with the A-Seven (A7) group, which Shor controls. In Moldova, a court sentenced Shor in absentia to 15 years for his involvement in a massive bank fraud scandal. International sanctions also target him for attempting to destabilize Moldova’s government.
Western investigators have grown increasingly alarmed, warning that A7A5 may fund Russian trade and regional influence operations.