The European Union has imposed sanctions on Moldova-based cryptocurrency platform A7 OOO and pro-Kremlin influencer Simeon Boikov for orchestrating election interference schemes and evading international sanctions through cryptocurrency networks. According to blockchain intelligence firm TRM Labs, A7 issued a Russian ruble-pegged stablecoin called A7A5 explicitly designed to bypass sanctions, which reportedly moved $9.3 billion within just four months.
The sanctions target A7's involvement in Moldova's 2024 presidential elections and EU accession referendum, where the platform facilitated vote-buying operations. A7 is linked to fugitive Moldovan oligarch Ilan Shor, who previously orchestrated a $1 billion bank fraud scandal that devastated Moldova's economy. The ruble-backed A7A5 stablecoin operates on Tron and Ethereum blockchains, with reserves held at sanctioned Russian Promsvyazbank.
TRM Labs revealed Boikov (known as "Aussie Cossack") funded pro-Russian disinformation campaigns – including a fabricated video alleging U.S. election fraud – through cash-to-crypto services, non-KYC Russian exchanges, and darknet markets. The A7 platform additionally facilitated transactions for sanctioned Russian exchange Garantex to transfer funds to Kyrgyz exchange Grinex.
EU authorities noted sophisticated networks of shell companies enabled covert movement of dual-use goods from China to Russia. This action follows earlier UK sanctions against A7 in May 2024, signaling increased global coordination against Russian crypto-financial networks.
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