EU Considers Ban on A7A5 Stablecoin Amidst Sanctions on Russia

The European Union is exploring restrictions on A7A5, a ruble-backed stablecoin that has become the world’s largest non-U.S. dollar-pegged digital asset. The proposed ban would prohibit EU institutions and individuals from trading or interacting with the token, either directly or through intermediaries, according to documents cited by Bloomberg. This follows the bloc’s efforts to tighten sanctions on Russian entities using crypto to circumvent financial restrictions.