A company behind a rouble-backed cryptocurrency sanctioned by the U.S. and U.K. appeared as a platinum sponsor at TOKEN2049, one of the world’s largest crypto conferences, held this week in Singapore—underscoring how sanctioned entities continue to operate in global crypto circles.
The firm, A7A5, is based in Kyrgyzstan and runs a stablecoin pegged to the Russian rouble, launched in January by a Russian defense-linked lender and a payments company. Western governments say it is part of a network helping Russia evade sanctions imposed after its 2022 invasion of Ukraine.
Despite being targeted by U.S. and British sanctions in August, A7A5 had a prominent booth at TOKEN2049, where it was initially listed among more than 20 platinum sponsors. Conference staff reportedly wore A7A5-branded shirts, and the company’s director of regulatory and overseas affairs, Oleg Ogienko, even spoke on stage.
Following Reuters inquiries, all references to A7A5 and Ogienko were removed from the event’s website by Thursday afternoon. TOKEN2049 organizers, registered in Hong Kong, did not respond to requests for comment.
Ogienko confirmed that the A7A5 operation in Singapore was part of the sanctioned group, saying: “We were sanctioned several times.” He insisted the company complies with Kyrgyz regulations and denied any role in money laundering. “We just applied for participation, and the organizers confirmed it,” he said.
According to blockchain analytics firm Elliptic, A7A5’s trading volumes have surged, with $70.8 billion transferred since January, up from $40 billion in July. Daily transaction counts have doubled in the past month, suggesting increasing adoption of the token for cross-border transactions.
Ogienko told Reuters the token is used by Russian firms and foreign trade partners, particularly in Asia, Africa, and Latin America—regions where Moscow continues to seek alternatives to Western financial systems. “Many countries who trade with Russia use our stablecoin,” he said. “These are billions of dollars.”
Neither Singapore nor Hong Kong has imposed sanctions on A7A5 or its affiliates, leaving local regulators with little obligation to restrict participation. Legal experts told Reuters that U.S. sanctions lack jurisdiction unless American individuals or institutions are directly involved.
The controversy highlights the difficulty Western authorities face in curbing crypto-based sanctions evasion, as decentralized systems and jurisdictional loopholes allow targeted entities to remain active in the global digital economy.
TOKEN2049, attended by over 25,000 participants, featured top industry figures including Donald Trump Jr., Cantor Fitzgerald chairman Brandon Lutnick, and executives from major crypto firms. Spokespeople for Trump Jr. and Cantor Fitzgerald did not comment.
As A7A5’s presence drew scrutiny, it served as a potent symbol of how geopolitics, regulation, and blockchain technology continue to collide in a financial world increasingly beyond traditional control.
