EU Bans A7A5 Stablecoin on November 12, First Direct Prohibition of Token; Transaction Volume Disputed at $34.4B vs. $75M

According to blockchain analytics firms TRM Labs and Elliptic, the EU's 19th sanctions package imposed a direct ban on all dealings in A7A5 stablecoin on November 12, marking the first time the European bloc has prohibited a specific token outright. A7A5, a ruble-pegged stablecoin without freeze functionality issued from Kyrgyzstan and backed by deposits at sanctioned Promsvyazbank, is 51 percent owned by fugitive Ilan Shor.

The issuer claims $34.4 billion in transaction volume during the first half of 2026, while TRM Labs analyst Chris Keegan estimated genuine daily volume closer to $75 million, identifying approximately 34 percent of observed activity as circular transactions consistent with wash trading. Following the collapse of exchange venue Grinex under enforcement pressure, A7A5's monthly volume fell by 96 percent from its peak, according to Elliptic co-founder Tom Robinson.