Russian Citizens Can Now Buy Suspicious A7A5 Stablecoins with Bank Cards

Russian citizens now have an avenue to purchase the ruble-backed stablecoin A7A5, using payment cards issued by a bank sanctioned by Western countries. This potentially opens a pathway for moving funds outside of Russia and laundering money in violation of sanctions imposed on Moscow due to its invasion of Ukraine. Concerns include links to the fugitive Moldovan oligarch Ilan Shor, whose company, A7, holds majority stake in the stablecoin issuer, and ties to Grinex, an alleged successor to Russian crypto exchange Garantex, which faced seizure by U.S. authorities earlier this year.