EU Considers Sanctions on Ruble-Backed Stablecoin A7A5

The European Union is exploring sanctions against A7A5, a Russian ruble-backed stablecoin that boasts the largest non-US-dollar pegged stablecoin market share. The proposed sanctions would restrict EU-based organizations and individuals from engaging directly or indirectly with A7A5 through third parties, according to a Bloomberg report citing documents related to the proposal. This follows September’s EU sanctions on crypto platforms targeting Russian residents and restricting dealings with foreign banks.