Russians Gain Access to Controversial A7A5 Stablecoin via Sanctioned Bank Cards

Russian citizens can now purchase A7A5 stablecoins using payment cards issued by PSB Bank, a financial institution under international sanctions. The ruble-pegged cryptocurrency is suspected of facilitating global fund transfers for Russian entities, bypassing financial restrictions imposed after Moscow's invasion of Ukraine. Money laundering concerns have been amplified by alleged connections to a fugitive Moldovan oligarch and Grinex, a Kyrgyzstan-registered firm viewed as the successor to sanctioned Russian exchange Garantex.

The card purchase mechanism requires users to complete identity verification through a Kyrgyzstani-registered platform, submitting passport details and proof of address. Transactions support both ethereum and Tron networks, with ruble conversions available through linked bank accounts. While currently limited to PSB cardholders, the scheme plans to expand to other payment providers.