Project
Cross-border payment system used by Russian companies that cannot access Western correspondent banking, sanctioned by the UK, the EU and the US Treasury.
UK sanctions on Russia now cover over 90% of oil production capacity after 38 new designations, the UK government said. Firms with oil, shipping or payment links to the named entities have new names to screen.
Reality
Britain sanctioned three crypto exchanges and two payment platforms on Oct. 8, two of them suspected of handling transactions for Russia's A7 network. Washington blocked A7 a week earlier and Brussels barred dealings with 14 crypto platforms in July, so firms near these rails now answer to three overlapping regimes.
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7 publishersReality
Britain sanctioned three crypto exchanges, two payment platforms and one individual in a 38-designation Russia package. Naming a Vancouver parent and a Kyrgyz state-owned firm, and ordering app stores to block UK users, pushes compliance work out to counterparties.
Reality
Kyrgyzstan has ordered the issuer of its $50 million gold-backed USDKG stablecoin into liquidation, less than a year after launch. Holders of the 50 million tokens still circulating now depend on an email inbox and a ministry-run liquidation to get their money back.
Reality
OFAC designated A7, a Russia-linked payments network that reportedly settled over $86 billion in its first year, a transnational criminal organization. FinCEN's same-day proposal to bar transfers through A7's sub-agents gives banks and crypto firms a new screening job aimed at intermediaries.
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6 publishersReality
Leaked files put $6.9 billion of the Kremlin-linked A7 network's money through correspondent banks, while TRM counts $166 billion of A7-linked crypto volume. After the sanctions, the daily turnover of its ruble token fell 96%.
Reality