EU weighs sanctions on ruble-backed stablecoin A7A5: Report

The European Union is considering sanctions against A7A5, a Russian ruble-backed stablecoin, as part of efforts to restrict Russian-linked crypto transactions. The proposed sanctions would prevent EU individuals and organizations from engaging with A7A5 directly or through third parties. This action targets various banks in Russia, Belarus, and Central Asia accused of facilitating crypto transactions for sanctioned entities. A7A5's market capitalization recently surged from $140 million to over $491 million, reflecting a 250% rise after the EU's initial sanctions against crypto platforms. EU sanctions require the consensus of all 27 member states and can be modified prior to approval. The EU's actions follow similar sanctions from the US, aimed at parts of the financial sector supposedly used by Russia to circumvent Western sanctions. Despite these sanctions, representatives of A7A5 participated at the Token2049 event, although the project was later removed from the event's listings.

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