tl;dr
A leaked investigation reveals how Russian-linked networks and Moldovan oligarchs use cryptocurrency to evade sanctions, fund political manipulation, and influence elections through a $8B stablecoin infrastructure.
**Crypto-Powered Geopolitical Machine: How Russia and Moldovan Oligarchs Are Using Cryptocurrency to Bypass Sanctions and Influence Elections**
A recent leak of internal files from companies tied to fugitive Moldovan oligarch Ilan Shor has revealed a startling connection between cryptocurrency, geopolitical influence, and sanctions evasion. According to a new report by blockchain forensics firm Elliptic, the documents expose a sophisticated network of financial operations orchestrated by a group linked to Russia, leveraging crypto to circumvent international sanctions and sway political outcomes in Moldova.
At the center of the leak is **A7**, a network of companies allegedly controlled by Shor and deeply intertwined with Russia’s financial infrastructure. Elliptic’s analysis links A7 and its affiliated firms to at least **$8 billion in stablecoin transactions** over the past 18 months, highlighting the growing role of cryptocurrency as a tool for power projection. The findings suggest that crypto is no longer a peripheral element in Russia’s financial strategy but a deliberate channel for geopolitical maneuvering.
### The Mechanics of Sanctions Evasion
A7 is described as a “sanctions evasion as a service” operation, facilitating cross-border transactions for Russian entities blocked from traditional banking systems. Nearly half of A7 is reportedly owned by **Promsvyazbank (PSB)**, a Russian state-owned bank under U.S. and EU sanctions for its role in defense financing. Elliptic traces A7’s wallet networks to political infrastructure in Moldova, including apps that pay activists and systems designed to manipulate public opinion.
The network also launched its own stablecoin, **A7A5**, pegged to the Russian ruble and registered in Kyrgyzstan. This move aims to reduce reliance on U.S.-backed stablecoins like Tether (USDT), which are vulnerable to regulatory freezes. Internal communications from the leak reveal efforts to build liquidity for A7A5 through multi-million-dollar USDT transfers, alongside technical measures to evade Western oversight.
### A Hybrid Financial Ecosystem
The leak details a hybrid financial system blending traditional and digital methods. Funds are routed through Kyrgyzstan-based companies, with settlements using a mix of promissory notes, cash, and crypto. A notable figure in the documents is **Maria Albot**, a former Moldovan politician sanctioned by the EU, who appears in chat logs requesting USDT transfers tied to a wallet with massive inflows.
On the political front, Elliptic connects A7’s funding to tools used during Moldovan elections. A smartphone app called **Taito** is cited as paying local activists, while a “Callcenter” system is flagged for orchestrating illicit polling. A Telegram bot is also mentioned as a conduit for distributing payments after minimal identity verification.
### A Disturbing Trend with Caveats
While the report paints a damning picture, experts caution that leak-based investigations inherently carry risks. Elliptic’s $8 billion figure relies on matching wallet addresses to entities, a method common in blockchain forensics but not infallible. Questions remain about the extent of Russian state control over A7: while PSB’s sanction status is well-documented, the degree of Kremlin direction versus opportunistic behavior is harder to verify.
The findings underscore a troubling trend: the weaponization of cryptocurrency to bypass sanctions and influence elections. As regulators grapple with the implications, the case of A7 highlights the urgent need for transparency and international cooperation to address the intersection of finance, technology, and geopolitics.
In an era where digital currencies blur the lines between finance and power, the leak serves as a stark reminder of the vulnerabilities—and the potential for abuse—within the global financial system.