Moldovan businessman Ilan Shor, convicted for the theft of a billion dollars, has created the ruble-pegged stablecoin A7A5. This cryptocurrency has become a key tool for Russian companies, oligarchs, and state corporations, allowing them to conduct international settlements bypassing Western sanctions and the SWIFT system. More than $100 billion has already passed through the A7 payment network.
The scale of this scheme is impressive. This is a full-fledged parallel financial infrastructure that has grown from the shadows into a global network over several years. Shor, known in his homeland as the organizer of one of the largest bank heists, did not disappear after fleeing to Moscow but instead launched operations on an international scale. He built a cryptocurrency system that allows sanctioned banks to conduct international settlements, bypassing traditional channels.
From theft to Kremlin patrons
Shor's story is a journey from being convicted for siphoning $1 billion out of three Moldovan banks in 2014 to becoming a figure close to the highest echelons of Russian power. Settling in an upscale Moscow suburb, he did not retreat into the shadows but instead made his presence known at the Eastern Economic Forum, announcing the opening of an A7A5 office in Vladivostok. Analysts interpreted this as a signal of Kremlin patronage.
How the ruble-pegged stablecoin A7A5 works
The mechanics are simple and elegant. Users from Russia hold funds in A7A5 until the moment of transfer, then convert them into USDT (Tether token) and send them instantly. Thus, the cryptocurrency operates as a channel between rubles and the rest of the crypto ecosystem, leaving users' funds vulnerable for only a few seconds. Technically, the project is not unique—it runs on the same blockchain as Tether. But A7A5 became the first stablecoin pegged to the ruble and quickly gained popularity amid tightening sanctions.
Behind the token's issuance are specific structures: 51% belongs to Shor, and the remaining share is held by PSB, the bank overseeing the defense sector. Financing is led by economist Pyotr Fradkov, whose father is a former prime minister and intelligence chief, and whose brother is a deputy defense minister.
Clients and geography: from Turkey to Africa
The A7A5 network's reach is striking. Turkey paid for Russian gas with the cryptocurrency, drone manufacturers used it to purchase components in China, and several of Russia's wealthiest individuals are named among its clients. Bishkek became a key intermediary: Kyrgyzstan turned into a hub for circumventing sanctions, despite Western restrictions imposed on local banks. Last year, A7 opened offices in Nigeria and Zimbabwe, planning expansion into other African countries and South America.
Declining volumes and a new model
However, in recent months the situation has become more complicated. A hacker attack on the main platform Grinex in April 2026 undermined trust. Users fear the freezing of funds when converting to USDT, which has led to a sharp drop in trading volumes. But the main danger, in my opinion, is not the fate of a specific token. By creating A7A5, Shor offered a working model for anyone who wants to build a financial system without Western control. Iran, China, Cuba, and North Korea may well want to issue a similar currency.
My conclusion: The success of A7A5 is a wake-up call for the global financial system. It demonstrates that blockchain and AI can be used to create truly independent economic zones that challenge dollar dominance. The consequences of this scheme extend far beyond the conflict with Ukraine and could fundamentally change the balance of power in the global financial architecture. This is no longer just about bypassing sanctions, but about creating a precedent for restructuring the entire system of international settlements.