EU is discussing sanctions against a stablecoin linked to Shor

As reported by European Pravda, the information was obtained by Bloomberg.

According to Bloomberg, the European Commission is proposing to ban any direct or indirect involvement of individuals within the EU in transactions related to A7A5.

The Commission also suggests taking measures against several banks in russia, Belarus, and Central Asia that facilitate operations connected to this cryptocurrency, according to the publication.

A7A5 is a stablecoin — a cryptocurrency pegged to a fiat currency (in this case, the ruble). It was developed by the company A7, owned by Moldovan fugitive oligarch Ilan Shor and russia’s state-owned Promsvyazbank.

A7 and its subsidiaries help russian companies conduct international transactions that would otherwise be impossible due to U.S. restrictions. Both A7 and Promsvyazbank are already under Western sanctions.

Source: European Pravda, Bloomberg