The EU imposes sanctions on the stablecoin A7A5 pegged to the Russian ruble.

PANews, October 23—According to INTERFAX.RU, the European Union has imposed sanctions on the ruble-pegged stablecoin A7A5. The 19th round of sanctions against Russia, announced on Thursday, stipulates that transactions with A7A5 will be prohibited starting November 25 this year. The A7A5 ruble stablecoin is issued by A7 company, with its investor being Promsvyazbank (PSB). The stablecoin is set to launch in Kyrgyzstan in February 2025. It is backed by deposits at Promsvyazbank and pegged to the Russian ruble at a 1:1 ratio. In August, the United States had already imposed sanctions on A7 company and several related companies.