The European Union has imposed sanctions on the Moldovan cryptocurrency platform A7 and pro-Russian influencer Simeon Boykov. The reasons include interference in electoral processes, the spread of misinformation, and the use of crypto assets to circumvent international financial restrictions.
This is reported by Business • Media
Crypto Platform A7 and Its Role in Election Interference
The A7 platform, registered in Moldova, has come under scrutiny due to suspicions of interference in the presidential elections and the referendum on the country’s accession to the EU, which took place in 2024. Investigators found that direct bribery of voters and illegal funding of election campaigns were conducted through this platform using the Russian ruble stablecoin — A7A5.
“A7A5 was created with the sole purpose of circumventing sanctions,” said Isabella Chase, EMEA Policy Lead at TRM Labs, in a comment to Decrypt.
According to analysts, A7A5 was used for transactions totaling around $9.3 billion; however, TRM Labs noted that these figures lack official confirmation. Transfers were made through shell companies registered at residential addresses, and these funds were used to import dual-use goods from China to Russia. Additionally, A7A5 was actively used on the sanctioned exchange Garantex to transfer funds to the Kyrgyz exchange Grinex.
Sanctions Against Simeon Boykov and Response to New Challenges
In addition to the A7 platform, Simeon Boykov, known as the “Australian Cossack,” was added to the sanctions list. He is accused of spreading pro-Kremlin misinformation, including publishing fake videos about alleged election fraud in the 2024 U.S. elections. According to TRM Labs, Boykov received funding through cash-to-crypto exchange services, the dark web, and unknown Russian crypto exchanges.
TRM Labs analysts emphasized that EU sanctions exert pressure not only on sanctioned jurisdictions but also on third parties, who are forced to choose between collaborating with such platforms and accessing the markets of the EU and the UK. Coordination among countries has been noted as effective — the UK imposed sanctions on A7 even earlier.
“It is not enough to simply have a tool that tracks sanctioned addresses. Teams are needed that can analyze contexts, connections, and the true beneficiaries of transactions.”
TRM Labs highlighted the importance of enhanced monitoring of cryptocurrency infrastructure and the need for clearer regulatory oversight of such schemes. The company continues to monitor the use of crypto assets to circumvent sanctions imposed by the Russian Federation.
These events reflect the intensification of the West’s struggle against the crypto infrastructure of Russia: in early July, the U.S. already imposed sanctions against Aeza Group, a Russian hosting provider servicing the dark web, malware, and drug traffickers. This year, the EU and Ukraine also imposed sanctions against Russian cryptocurrency schemes, including the Garantex exchange.