Russia-Linked Ruble Stablecoin Seeks Role in Trade Settlement

A7A5, a ruble-pegged stablecoin linked to sanctioned Russian defense bank Promsvyazbank, is attempting to shift from a sanctions workaround to a commercial settlement instrument for trade with Russia. Executive Oleg Ogienko said the token can remain competitive after sanctions ease by enabling fast, non-dollar cross-border settlements and offering yields tied to elevated Russian interest rates.

U.S. dollars. He stated that anyone trading with Russia needs convenient and fast settlement methods. Tether's USDT holds a market capitalization of about $190 billion, while Circle's USDC stands at $77 billion. A7A5's market cap is approximately $500 million, according to CoinGecko data.

Kong's licensed stablecoin regime is operated by HSBC and a Standard Chartered-led venture, both tied to Western financial infrastructure. This setup makes direct cooperation with a sanctions-linked Russian stablecoin difficult. Russian lawmakers are advancing legislation for digital assets in cross-border settlements, and the Bank of Russia is studying a national stablecoin.

Ogienko said A7A5 is participating in consultations but warned that current draft rules risk creating a market too restrictive to be viable. 5 percent return. He added that cross-border trade remains the primary use case, though yield has attracted some users.

Ogienko said sanctions continue to limit publicity options. A recent blockchain conference in France allowed A7A5 to sponsor a dinner but not to display branding or participate as a speaker. When asked how employees of a heavily sanctioned company pay for international travel, Ogienko said cash remains the practical method.