The stablecoin A7A5, pegged to the ruble, has been recognized as a digital asset under Russian law and will soon begin to be used for settlements in foreign trade.
This decision will allow Russian companies to use cryptocurrency for international transactions, bypassing financial restrictions imposed by the West.
Russia plans to use the A7A5 stablecoin for international settlements
Russian companies working with foreign partners can now legally use the A7A5 cryptocurrency as a means of payment when exporting and importing goods.
The ruble digital currency became the first stablecoin recognized as a digital financial asset (DFA) under current legislation.
According to the law that came into force at the beginning of 2021, DFA are tokenized versions of real assets. Unlike decentralized cryptocurrencies and tokens, they are issued on private, not public, blockchains.
The issuance of DFA in Russia is allowed only by “information system operators” accredited by the Central Bank of the Russian Federation, such as Sberbank, Alfa-Bank, as well as the platforms Atomize and Tokeon.
A7A5 tokens were first issued in February 2025 in Kyrgyzstan. Their market capitalization already exceeds 41 billion rubles.
On Tuesday, the head of the A7A5 project Leonid Shumakov stated:
“The A7A5 stablecoin has already become a convenient and effective tool for international settlements using blockchain.”
He expressed confidence that the stablecoin can be scaled and developed into solutions that “will bring significant positive effects for citizens, companies, and the economy as a whole.”
Sanctioned Russian bank and related structures ensure the operation of A7A5
Transactions are processed through the Tokeon digital asset platform, which is part of the PSB group. Currently, Promsvyazbank is fully state-owned and under sanctions.
The stablecoin is positioned as being backed by deposits in PSB. Western governments claim that it is used by Russian entities to circumvent restrictions that prevent Moscow from financing the war in Ukraine.
To use A7A5 in foreign trade transactions, a Russian company needs to register as an investor on the Tokeon platform and purchase stablecoins. Users receive tokens on the Tron or Ethereum networks, reports RBC.
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Pilot settlements were successful, said PSB Deputy Chair Olga Myamlina. According to Tokeon CEO Igor Egorkin, the initiative received support from the Russian government.
According to media reports, the stablecoin was created by the Russian company A7, which is controlled by fugitive Moldovan oligarch with a Russian passport Ilan Shor.
However, it is currently issued by the Kyrgyz-registered company Old Vector, which claims that the project is now “completely independent”.
Both structures have come under sanctions along with other organizations associated with A7A5, including the Kyrgyz crypto exchange Grinex, which is considered the successor to the Russian Garantex, closed during a US-led operation in March.
Around the same time the latest sanctions were imposed, the stablecoin briefly lost its peg to the ruble.
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The issuer reported that the token complies with Russian regulations and is admitted for circulation in the country as a digital financial asset. Formally, it remains a “foreign digital right” (FDR), i.e., an asset issued outside Russia.
Approval followed statements by authorities in early September about plans to regulate stablecoins and digital securities. At the same time, there were calls to use cryptocurrencies more broadly to support the economy.
Domestic settlements in cryptocurrencies are mostly prohibited. The exception is an experimental legal regime for foreign trade, which allows companies to make cross-border payments in digital assets.
