Episode 4: A7A5: Russia's Stablecoin Lifeline

Russia's search for alternatives to the Western financial system is increasingly moving into crypto.

One experiment in particular has attracted attention: A7A5, a rouble-backed stablecoin linked to the wider A7 payments network and designed to facilitate cross-border payments outside conventional banking channels.

In this episode of the Suspicious Transaction Report, host Tom Keatinge speaks with Dr Tom Robinson, Chief Scientist and Founder of blockchain analytics company Elliptic, about what A7A5 reveals about the evolution of sanctions evasion.

They explore the relationship between A7A5, Ilan Shor, Russian state-owned bank PSB and Kyrgyzstan; why the token itself is only part of a much wider financial infrastructure; and how A7A5 can act as a bridge from roubles into the globally liquid dollar-backed stablecoin USDT.

The conversation also considers whether sanctions are working. Blockchain data shows how enforcement can restrict liquidity and disrupt crypto infrastructure — but also how rapidly networks adapt.

Ultimately, the episode asks where policymakers should focus next: on individual tokens, or on the exchanges, liquidity providers and exit points that make alternative payment systems usable.

• CFS has also recently launched a new taskforce to consider the implications for national security of the use of cryptoassets.