A7A5 under fire as EU weighs sanctions on ruble-pegged stablecoin

The European Union is reportedly considering sanctions against A7A5, a Russian ruble-backed stablecoin that’s the world’s largest non-US-dollar pegged stablecoin.

The sanctions would prohibit EU-based organizations and individuals from engaging directly or indirectly through third parties with the token, according to a report from Bloomberg on Monday, citing documents related to the proposal.

Several banks in Russia, Belarus and Central Asia are in the firing line too, accused of enabling sanctioned entities to conduct crypto-related transactions,…