Leaked documents have exposed a sophisticated cryptocurrency network allegedly processing $8 billion in stablecoin transactions to evade Western sanctions and influence Moldovan elections. The A7 network, tied to Moldovan oligarch Ilan Shor and partially owned by Russia’s state-owned Promsvyazbank, represents a chilling evolution in how crypto is being weaponized for geopolitical purposes, according to blockchain forensics firm Elliptic.
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Generated 0 posts last week US Sanctions Firms Using Stablecoins to Evade Russian Sanctions
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on companies and individuals accused of using stablecoins to circumvent sanctions against Russia. Among the targets are A7 LLC, creator of the ruble-backed A7A5 stablecoin, and Kyrgyzstan-based Old Vector LLC, which facilitated large-scale transactions for sanctioned entities. The Treasury also sanctioned entities tied to Garantex, a crypto exchange used for illicit fund transfers, and its successor Grinex. These actions highlight OFAC’s intensified scrutiny of stablecoins, which regulators view as a growing threat to sanctions enforcement. Blockchain analytics firm Elliptic has updated its tools to help detect and block transactions linked to the sanctioned entities.
about US Sanctions Firms Using Stablecoins to Evade Russian SanctionsTrump Unveils New Tariffs on Key Trading Partners
President Donald Trump has rolled out a fresh wave of tariffs on imports from Algeria, Libya, Iraq, Sri Lanka, Brunei, Moldova, and the Philippines, with rates ranging from 20% to 30%. The updated tariffs, set to take effect in August, reflect minor adjustments from initial proposals—such as reductions for Iraq and Sri Lanka. Trump began notifying affected countries earlier this week, emphasizing his administration’s push for trade concessions. The announcement follows a deadline for negotiations, with additional tariff details expected later in the day. Trade expert Brett Bruen weighs in on the implications of these measures.
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