According to an investigation by independent media outlet Proekt, Russian oligarchs and state-owned banks have been profiting from a multi-billion-dollar shadow financial system using cryptocurrency to circumvent Western sanctions. The system processes around $2 billion in daily foreign trade and has enabled Russia to import goods despite financial isolation.
A7, Russia’s largest payment agent majority-owned by Moldovan oligarch Ilan Shor, plays a central role. The company operates with state-owned PSB bank and has processed transactions exceeding $100 billion since launching its ruble-pegged stablecoin A7A5 in early 2025. A7A5 now accounts for nearly half of the non-dollar stablecoin market. According to Proekt, billionaire Roman Abramovich may act as a “roof” (provider of protection and sponsorship) for the operation, though his associates deny direct ownership. A7 controls approximately 20% of Russian cross-border transfers and operates through over 20 shell firms globally, making it the largest player in this market.
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