Leaked Documents Expose $8 Billion Crypto Web Behind Russia's Sanctions Evasion
Recent leaked documents expose how a network linked to Moldovan oligarch Ilan Shor has allegedly leveraged $8 billion in cryptocurrency to evade sanctions and affect elections in Moldova. Analysis by Elliptic connects Shor's A7 network to extensive stablecoin transactions over the last 18 months, indicating that crypto has become a central tool for Russia in circumventing financial restrictions. A7 reportedly provides 'sanctions evasion as a service,' with connections to Russia’s state-owned Promsvyazbank, currently under sanctions itself. The network appears to operate its own stablecoin, A7A5, pegged to the Russian ruble, aiming to decrease reliance on U.S. dollars. The leaked files suggest that cryptocurrency is used for cross-border transactions that fund political activities, including election interference via apps and bots. However, the evidentiality of the findings comes with caution, as blockchain forensics, while promising, is not always definitive. Overall, this situation illustrates a sophisticated intersection of finance and politics, highlighting the role of cryptocurrency in modern geopolitical strategies.
Source 🔗