A recent report from blockchain company Elliptic reveals how Russia-related networks use cryptocurrencies to avoid Western sanctions and continue trading.
Crypto was used to move money across borders, resolve transactions and fund political activities. This kept the approved group working, but still left behind the digital trail.
Read on to find out what’s going on.
Crypto bypasses sanctions and affects elections
The leaked documents reviewed by Elliptic Shed Light shed light on Moldovan politician and businessman Ilan Shor, who is on the run. Scholl, who fled Moldova after a billion-dollar bank scam in 2024, created the Russian A7 Group in 2024. The group’s goal was to help businesses avoid sanctions and move money across borders.
Almost half of the A7 is owned by the state-run Promsvyazbank (PSB), a bank authorized for its role in financing Russian military forces, and is linked to voting purchases in Moldova, helping to avoid Western sanctions. The A7 itself was added to the US sanctions list in August 2025.
In September, Shoal said the A7 had moved $89 billion across the border in 10 months, with more than half involved in Asian countries.
How A7 used cryptocurrency
A7 moved money using a mixture of cash, promissory notes and cryptocurrency.
Shor’s companies relied heavily on cryptocurrencies, particularly Tether’s USDT. Chat logs revealed that employees are discussing USDT transfers of millions of US dollars. Because blockchain transactions are transparent, these details helped me track A7’s crypto wallet.
The A7 wallet has received at least $8 billion since early 2024, but the actual total is probably higher as more wallets are unknown. Shor’s crypto infrastructure may be updated in August 2025, depending on encryption key violations and potential losses.
Stablecoin backed by Shor’s Ruble
Russian users turned to USDT on tethers to bypass stability and sanctions compared to the unstable ruble. However, when the US closed Garantex in March 2025 and frozen $26 million, USDT centralization became a problem.
In response, A7 created a ruble-assisted Stablecoin A7A5. Published by Kyrgyz Company Old Vector LLC, supported 1:1 by Ruble Deposits on PSB. In particular, all A7A5 transactions so far totaled $68 billion. PSB, old vectors, and A7A5 have become important parts of the A7 sanctions abolition setup.
The A7 team has sent a $2 billion USDT to trade with the A7A5 and exchanged to promote adoption of Ruble-backed Stablecoin.
Encrypted political interference
Crypto was also used to fund political interference in Moldova. The chat reveals apps like “Taito” that have paid political activists, and “Callcenter,” which was flagged by police for illegal voter bribery in August 2025 and used for political votes.
Payments for these businesses were made at USDT, allowing them to continue despite the sanctions.
Shor’s team also created a telegram bot to send Toncoin cryptocurrency to verified individuals. Toncoin is integrated into Telegram, allowing you to move money directly between users.
This case is a clear example of the risks and challenges associated with increasing use of digital assets in global finance.