EU Bans A7A5 Stablecoin, Sanctions Russian Crypto Platforms to Stifle War Finance

The European Union (EU) has taken a significant step in its economic war against Russia by imposing sanctions on crypto platforms and stablecoins. This move aims to cripple Moscow’s ability to fund the ongoing conflict in Ukraine. The EU targets the A7A5 stablecoin, a key tool for circumventing existing sanctions, while also sanctioning eight banks and oil traders accused of facilitating illicit financial transactions using cryptocurrencies like Bitcoin.