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OFAC Sanctions Kyrgyz Crypto Firms Over Russian Stablecoin Network
OFAC Sanctions Kyrgyz Crypto Firms Over Russian Stablecoin Network
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BTCCSquare news:
The U.S. Treasury's Office of Foreign Assets Control has imposed sanctions on multiple Kyrgyzstan-based entities, including A7 LLC and Old Vector, for facilitating Russian sanctions evasion through the ruble-pegged stablecoin A7A5. The network allegedly processed over $51 billion in volume, primarily via the Kyrgyz exchange Grinex—a successor to the sanctioned Garantex platform.
Keremet Bank became the first Kyrgyz financial institution targeted by OFAC, signaling heightened scrutiny of Central Asian channels for Russian transshipment. Daily flows on A7A5 reportedly exceeded $1 billion, with transactions concentrated on platforms servicing Russian markets.
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