On August 15, the United States imposed blacklist sanctions on the ruble stablecoin A7A5 and the crypto network that has shut down the Russian crypto exchange Garantex. Garantex was shut down after handling illegal transactions of more than $100 million, and then changed its name to Grinex to continue operations. The stablecoin A7A5 is backed by Russian institutions and used to circumvent international sanctions, with daily transactions of $1 billion.
The United States, in cooperation with German and Finnish police, seized Garantex's website domain and froze $26 million in assets in March. Key executives of Garantex, Sergey Mendeleev, Aleksandr Mira Serda and Pavel Karavatsky, as well as Mendeleev's companies, InDeFi Bank and Exved, were also placed on the sanctions list for helping sanctioned Russian businesses transact through crypto channels. Blockchain analytics firm Elliptic reported that the ruble stablecoin A7A5 supported a "sanctions evasion scheme" that enabled Russian companies to bypass the traditional banking system for cross-border transfer settlements.
The United States has imposed blacklist sanctions on the ruble stablecoin A7A5 and the crypto network owned by Garantex
2025-08-15 00:11:28
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