Fugitive oligarch from Moldova creates cryptocurrency for shadow payments rf
26 June 01:20
The fugitive Moldovan oligarch Ilan Shor, who is hiding from justice in Moscow, has become a subject of an international investigation into the creation of a cryptocurrency token used to circumvent Western sanctions against Russia. According to the Financial Times, in just four months after its launch, the new Grinex crypto exchange processed $9.3 billion worth of transactions.
What is A7A5: a ruble-based stablecoin
The A7A5 cryptocurrency, which is presented as the first stablecoin pegged to the Russian ruble, was officially launched in February 2024 in Kyrgyzstan. It serves cross-border financial transactions, which have been hampered by Western sanctions against Russia, and is an alternative to traditional payment systems such as SWIFT, which are restricted for Russia.
The A7A5 token is backed by ruble deposits in Promzvyazbank, which is under sanctions by the US, EU and UK for supporting the Russian army. According to the issuers, each token is backed by a real ruble, which is allegedly confirmed by auditors in Kyrgyzstan.
Rapid growth and suspicions of political influence
Already 12 billion A7A5 tokens are in circulation (over $150 million), and the volume of user transfers exceeds the issue several times daily. Transactions mostly take place on weekdays during business hours, which indicates the official or semi-official nature of the transactions.
According to the British research group CIR (Center for Information Resilience), the cryptocurrency is linked to Russia’s attempts to finance political influence abroad, particularly in Moldova.
Several of the domains used for propaganda campaigns shared IP addresses with sites belonging to the A7 project.
Shor’s connection to A7 and sanctions
Russian registries confirm that Ilan Shor is the main shareholder of A7, the company that initiated the token launch. In May 2025, the UK added the company to the sanctions list.
A7A5 has publicly stated that it is no longer cooperating with A7, having severed ties due to “differences in development strategy.” However, CIR analysts believe this is an attempt to distance themselves from the sanctions consequences.
The Kremlin’s new crypto tool after the collapse of Garantex
The emergence of Grinex and the A7A5 token followed the liquidation of Garantex, a Russian crypto exchange that was shut down by U.S. law enforcement in March. At the same time, Tether froze $23 million in USDT tokens stored on Garantex wallets.
Instead, Grinex, which serves only A7A5, USDT, and the ruble, insists on its independence and lack of ties to Garantex, although both were registered in Kyrgyzstan almost simultaneously.
The center of the sanctions shadow system
According to the U.S. Office of Foreign Assets Control (OFAC), Shore personally negotiated with the Kyrgyz bank Keremet to create a financial hub that would allow Russia to circumvent sanctions and make international payments.
In a recent speech, Shor said that A7 is working on a larger payment system that will include the circulation of cryptocurrencies, precious metals, bonds, and “non-politicized assets.” The CIR also found that A7 has been posting job ads for Chinese-speaking finance and energy professionals, including in the UAE, Kyrgyzstan, and the occupied territories of Ukraine.
What is known about Shor
Ilan Shor became famous after a bank fraud in Moldova, during which about $1 billion was stolen.
In 2019, after escaping from house arrest, he settled in Moscow, received Russian citizenship and, according to intelligence, became an active participant in the Kremlin’s financial schemes.
