TLDR
- A Russian crypto network moved over $6 billion through the A7A5 stablecoin after U.S. sanctions targeted its operators in August 2025
- Network administrators destroyed and re-minted more than 80% of A7A5 tokens to break links to sanctioned wallets including Grinex exchange
- The A7 network has processed $86 billion in 10 months and received formal digital financial asset status in Russia last week
- Russia’s Central Bank will conduct a comprehensive audit of the nation’s crypto holdings in early 2026
- The bank has ordered Moscow Exchange and commercial banks to provide monthly reports on crypto derivatives transactions
A Russian cryptocurrency network has moved $6 billion since August after the United States sanctioned several of its operators. The transactions involved A7A5, a stablecoin that sits at the center of Russia’s cross-border payment system.
This is completely insane to be honest @token2049.
A7A5 is explicitly sanctioned by both the US and UK governments for facilitating Russian sanctions evasion. https://t.co/VY6VfXrdNg pic.twitter.com/8Zzd2A8OOk
— tanuki42 (@tanuki42_) October 5, 2025
The U.S. sanctioned the Grinex exchange in August. Officials called it a successor to Garantex, which was shut down in March for alleged connections to hacking and ransomware. Grinex has denied any connection to Garantex.
The day after sanctions were announced, A7A5 administrators emptied two wallets connected to Grinex. The wallets held 33.8 billion tokens worth $405 million. They used a function called “destroyBlackFunds” to mark the assets as “dirtyShares.”
New tokens for the same amount were then created in a different wallet. This broke the connection between the old sanctioned funds and the new tokens. The new wallet, named TNpJj, has since processed $6.1 billion in transactions.
The A7 network was created after Russian banks were cut off from the U.S.-led financial system following the 2022 invasion of Ukraine. The network provides an alternative payment system for Russian trade. A7A5 runs on Tron and Ethereum blockchains.
On March 10, 4.5 billion A7A5 tokens moved between four wallets in ten minutes. This happened after U.S. action against Garantex. On May 6, one wallet funded a new address called TChBA.
On August 14, the U.S. sanctioned two wallets tied to Garantex and Grinex. By August 15, funds in TChBA were destroyed and re-minted in TNpJj. The same pattern repeated on September 2 with another wallet.
Network Operations and Ownership
The TNpJj wallet shows the same patterns as older wallets. It operates during Moscow working hours with peak activity between 10 a.m. and 12 p.m. local time. Little movement happens overnight or on weekends.
A7A5’s chatbot operates weekdays from 10 a.m. to 8 p.m. Moscow time. Clients can buy the token in cash at Grinex’s over-the-counter section inside a Moscow skyscraper. The location is Federation Tower, 14th floor, the same address Garantex previously used.
The coin is registered in Kyrgyzstan. Its issuer, Old Vector, was blacklisted by the U.S. in August. Last week Russia granted A7A5 formal digital financial asset status.
Russian exporters and importers can now use A7A5 officially through a platform owned by Promsvyazbank. The state-owned defense lender already under sanctions holds a 49 percent stake in the A7 network. The bank backs each token with a rouble.
Promsvyazbank’s chief executive Petr Fradkov told President Vladimir Putin the bank is creating a system of cross-border settlements based on A7. The network has received large loans from VEB, a Russian state development bank.
Central Bank Audit Plans
Russia’s Central Bank announced it will conduct a comprehensive audit of the nation’s crypto holdings in early 2026. The bank will survey companies and individuals over the first two months of the year.
The audit will review crypto investments and lending volumes for companies in the space. The Central Bank said it also plans to review individual investments in digital financial products whose returns are tied to crypto prices.
This includes crypto derivatives that launched on the Moscow Exchange this year. The bank has ordered the exchange and commercial banks offering crypto derivatives to send monthly reports on transactions and volumes.
The bank said the survey’s goal is to assess the volume of investments in cryptocurrencies by regulated entities. This includes investments for risk hedging purposes. One expert told Russian newspaper Izvestia the bank and government will use the information to help form regulatory policy and generate tax revenue.
Network Expansion
A7’s majority owner and chief executive Ilan Șor is a fugitive Moldovan oligarch living in Moscow. He claims the network has moved more than $86 billion in 10 months. The A7 network is expanding to Africa.
Financial professionals told the Financial Times the A7 network may represent a large part of Russia’s cross-border payments market. Besides crypto, A7 also handles payments via promissory notes. The Centre for Information Resilience predicted Russia’s war economy will raise the network’s political profile in enabling exports.
