I actually looked into this matter, and it is one of the EU's 2025 sanctions measures against Russia and related entities and channels, specifically the 19th batch.

In this round of sanctions, the issuer of A7A5, A7 LLC, and its issuing entity established in Kyrgyzstan, Old Vector LLC, have been included in the sanctions list. Payeer has also been identified as a high-risk service provider that helps Russia evade sanctions, launder money, and facilitate the flow of funds.

A7A5 is a stablecoin pegged to the ruble, essentially functioning as Russia's fiat currency. Officially, it is claimed that each A7A5 token is backed 1:1 by ruble deposits in the Russian state-owned bank Promsvyazbank (PSB). Its nature is similar to USDC, except that A7A5 is entirely cash, while USDC is primarily debt-based.

From the EU's perspective, the structure and function of A7A5 have become tools for Russia to circumvent the existing financial and sanctions systems. Therefore, it has been decided to include it in the sanctions list and prohibit all transactions related to it. (PSB itself is already on the US OFAC SDN list.)

Although Payeer is nominally registered in Vanuatu, its business, infrastructure, and customer base are actually highly linked to Russia. Payeer has been accused of providing payment, fund flow, and cryptocurrency services to several Russian exchanges (Garantex and Grinex) and other high-risk entities. Thus, it has also been included in the sanctions list.

Essentially, this is similar to restricting Russia's fiat currency, the ruble. This is the first time in history that the EU has directly sanctioned a stablecoin itself. Although it seems somewhat related to the cryptocurrency space, it can still be viewed as a branch of fiat currency.

PS: A7A5 is most active on TRON, with the vast majority of its supply (over 11 billion tokens, accounting for about 92% of the total supply) concentrated on the TRON network. A smaller portion is concentrated on Ethereum (about 1 billion tokens).

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