Crypto coin for Russian shadow payments moves $9bn
俄罗斯影子支付加密货币转移 90 亿美元

A new cryptocurrency token designed to allow cross-border payments in spite of western sanctions on Russia, launched by a fugitive Moldovan oligarch and a Russian defence sector bank, has moved some $9.3bn on a dedicated crypto exchange in just four months since it was launched, the FT has found.
英国《金融时报》调查发现，一种由流亡的摩尔多瓦寡头与俄罗斯国防系统银行联合推出的新型加密货币，旨在突破西方对俄制裁实现跨境支付。该代币在专属加密交易所上线仅四个月，交易量已突破 93 亿美元。

Billed as the first stablecoin pegged to the Russian rouble, the A7A5 token was officially launched in Kyrgyzstan in February and aims to facilitate large-scale financial flows into and out of Russia, which have been severely complicated by western restrictions.
作为首个与俄罗斯卢布挂钩的稳定币，A7A5 代币于 2 月在吉尔吉斯斯坦正式推出，旨在简化因西方制裁而严重受阻的俄境内外大规模资金流动。

An FT analysis of wallets linked to Grinex, a crypto exchange also founded very recently in Kyrgyzstan and trading only in A7A5, roubles, and a dollar-pegged stablecoin, shows a total of $9.3bn worth of A7A5 being moved to and from wallets linked to that exchange.
英国《金融时报》对与格里内克斯(Grinex)交易所关联钱包的分析显示，价值 93 亿美元的 A7A5 币在该平台相关钱包间流转。这家同样新近成立于吉尔吉斯斯坦的交易所仅交易 A7A5 币、卢布及一种与美元挂钩的稳定币。

The stablecoin says it is backed by rouble deposits in Moscow’s Promsvyazbank, a defence sector bank subject to US, UK and EU sanctions over Vladimir Putin’s full-scale invasion of Ukraine. The coin’s rapid growth is clear: it now has 12bn tokens in circulation, equivalent to $156mn, and is used intensively by a relatively small group of users, whose daily transfers routinely amount to several times that volume.
该稳定币声称由莫斯科 Promsvyaz 银行的卢布存款支持，这家国防领域银行因普京全面入侵乌克兰而受到美英欧制裁。其扩张速度惊人：目前流通量达 120 亿枚（折合 1.56 亿美元），但主要由少数用户高频使用，其日常转账规模常达流通量的数倍。

But the A7A5 token also appears to be linked to Moscow’s attempts to use cryptocurrencies to bankroll political influence campaigns abroad, according to a new report by the Centre for Information Resilience (CIR), a London-based non-profit research group.
但据伦敦非营利研究机构"信息韧性中心"(CIR)最新报告，A7A5 代币似乎还与莫斯科试图利用加密货币资助海外政治影响力行动有关。

A7, the company initially behind the token, now subject to British sanctions, is majority-owned by Moldovan businessman Ilan Șor, Russian corporate records show. Șor fled from house arrest in Moldova in 2019 after he was convicted of stealing $1bn in the largest bank fraud in the country’s history. 
俄罗斯企业记录显示，最初发行该代币的 A7 公司现已成为英国制裁对象，其多数股权由摩尔多瓦商人伊兰·肖尔持有。肖尔曾因犯下该国史上最大银行诈骗案窃取 10 亿美元，于 2019 年在摩尔多瓦软禁期间潜逃。

Șor moved to Moscow, and became a Russian citizen. Last year he was accused by Moldovan police of running a vast vote-buying operation in Moldovan elections, accusations he described as an “absurd spectacle”. 
肖尔随后移居莫斯科并取得俄罗斯公民身份。去年摩尔多瓦警方指控其在选举中操纵大规模贿选，他称这些指控是"荒诞闹剧"。

In its new report, CIR found multiple domains used in political influence operations in Moldova shared an IP address with A7 and A7A5 sites. Șor did not respond to a request for comment. In a statement, A7A5 said that while it “co-operated with the technical team of A7 at the early stage”, it “decided to separate completely due to different visions of development strategy” last month.
CIR 最新报告发现，多个用于摩尔多瓦政治干预行动的域名与 A7 及 A7A5 网站共享 IP 地址。肖尔未回应置评请求。A7A5 在声明中表示，虽然"早期曾与 A7 技术团队合作"，但上月因"发展战略理念不同已决定彻底分离"。

The stablecoin’s creation comes amid increased scrutiny of Russia-linked transactions for sanctions compliance and the exclusion of some Russian banks from the Swift international messaging network.
该稳定币的诞生正值俄罗斯相关交易面临更严格制裁审查，部分俄罗斯银行被踢出 SWIFT 国际结算系统之际。

“Russian business figures and government officials have been talking for a while about how they might use cryptocurrency to evade sanctions in a large-scale way, particularly by creating their own stablecoin,” Elise Thomas, senior investigator at CIR, said.
网络安全研究机构 CIR 高级调查员艾莉丝·托马斯表示："俄罗斯商界人士和政府官员长期讨论如何大规模利用加密货币规避制裁，特别是通过创建本国稳定币的方式。"

Kyrgyzstan was chosen because it is “friendly jurisdiction that is not so subject to sanctions”, A7A5’s director Leonid Shumakov has said. “It is no secret that this jurisdiction is currently helping a lot to cope with the pressure [Russia] is under.”
A7A5 平台总监列昂尼德·舒马科夫称，选择吉尔吉斯斯坦是因为"该司法管辖区态度友好且受制裁影响较小"。他坦言："这个司法管辖区目前正大力协助（俄罗斯）缓解所受压力，这已是公开的秘密。"

Russian users can buy A7A5 tokens on the Tron or Ethereum blockchains and then use them to purchase Tether’s USDT, a US-dollar pegged stablecoin. From there, the user can withdraw the value in whichever country or currency they need. 
俄罗斯用户可在波场或以太坊区块链上购买 A7A5 代币，随后用其兑换与美元挂钩的稳定币泰达币（USDT）。此后用户可根据需求在任何国家提取等值资金或兑换所需货币。

Shumakov said A7A5’s goal was to give “people the opportunity to use it as a bridge for a safe transition” to USDT, adding that many current A7A5 holders were likely to be Russian importers.
舒马科夫表示，A7A5 的目标是让人们"有机会将其作为安全过渡的桥梁"转向 USDT，并补充说当前许多 A7A5 持有者可能是俄罗斯进口商。

According to the company, a rouble is deposited in Promsvyazbank for every one used to purchase A7A5 — protecting the client in Russia from the volatility of traditional cryptocurrencies. The company states that the existence of those fiat reserves is verified by an independent Kyrgyz auditor.
该公司宣称，每 1 枚用于购买 A7A5 的卢布都会在 Promsvyazbank 存入等值卢布——以此保护俄罗斯客户免受传统加密货币波动影响。公司声明这些法币储备由吉尔吉斯斯坦独立审计机构进行验证。

A7A5 and Grinex appear to have emerged and grown in the wake of the collapse of another major Russian shadow payments system.
A7A5 和 Grinex 似乎是在俄罗斯另一个主要影子支付系统崩溃后出现并发展起来的。

Garantex, Russia’s largest crypto exchange, was taken down by US law enforcement in March. Tether co-operated and froze $23mn worth of USDT held in Garantex wallets.
俄罗斯最大的加密货币交易所 Garantex 于 3 月被美国执法部门关闭。Tether 公司配合冻结了 Garantex 钱包中价值 2300 万美元的 USDT。

Garantex described Tether’s move as a declaration of “war against the Russian crypto market”. It rushed to invite customers to come for face-to-face meetings in its Moscow office to discuss recovering frozen assets.
Garantex 将 Tether 此举称为"对俄罗斯加密货币市场的宣战"，并紧急邀请客户前往其莫斯科办公室面谈，商讨冻结资产解冻事宜。

For Russian officials, Tether’s decision underscored the need to create a homegrown stablecoin. “Recent developments . . . lead us to think that we need to look at creating domestic instruments like USDT,” said Osman Kabaloev, a Russian finance ministry deputy.
对俄罗斯官员而言，Tether 的决定凸显了创建本土稳定币的必要性。俄罗斯财政部副部长奥斯曼·卡巴洛耶夫表示："近期事态发展...促使我们必须考虑创建类似 USDT 的国内金融工具。"

CIR’s Thomas said that “if you have a stablecoin that is controlled by an entity that is based in the west . . . you could lose your money”, while if the asset is based in Russia or a friendly country, the investment is safer.
CIR 的托马斯表示，"如果一种稳定币由总部位于西方的实体控制……你的资金可能会损失"，而如果该资产位于俄罗斯或友好国家，投资则更为安全。

Garantex was a major conduit for cash. The exchange has handled over $60bn worth of transactions since April 2022 and was used by Russian elites as well as in global criminal money laundering schemes, according to Elliptic, a blockchain analysis company whose data was used by US law enforcement in the operation.
Garantex 曾是资金流动的主要渠道。区块链分析公司 Elliptic 数据显示，自 2022 年 4 月以来该平台处理了逾 600 亿美元交易，不仅被俄罗斯精英阶层使用，还涉及全球洗钱犯罪网络，其数据在此次行动中被美国执法部门采用。

In the weeks preceding the crackdown, however, a large amount of funds held in USDT on Garantex were moved into A7A5, according to Swiss blockchain research company Global Ledger. The two were already close: footage shared on social media from Garantex’s office shows an A7A5 logo on one of the booths.
但瑞士区块链研究机构 Global Ledger 指出，在打击行动前数周，Garantex 平台上大量 USDT 稳定币已转移至 A7A5。两者关系本就密切：社交媒体流传的 Garantex 办公室视频显示，其交易亭上印有 A7A5 标识。

Some $29mn worth of A7A5 tokens were then shifted on to Grinex, a newly founded exchange in Kyrgyzstan.
随后价值约 2900 万美元的 A7A5 代币被转移至格鲁吉亚新成立的交易所 Grinex。

Grinex, analysts say, appears likely to be an heir to the platform taken down by the US action. In its investigation, CIR found that Grinex and the issuer of A7A5 were both registered in Kyrgyzstan the same week.
分析师表示，Grinex 很可能是被美国制裁平台的后继者。CIR 调查发现，Grinex 与 A7A5 发行方均于同一周在吉尔吉斯斯坦完成注册。

“Garantex users with outstanding balances at the time it was shut down could have these balances credited to new accounts set up on Grinex,” said Tom Robinson, chief scientist and founder of Elliptic. “It is therefore clear that Grinex is a direct successor to Garantex, and highly likely to be operated and controlled by the same parties.”
Garantex 被关闭时仍有余额的用户，其资金可能被转入 Grinex 新开设的账户，"Elliptic 首席科学家兼创始人汤姆·罗宾逊表示，"这清楚表明 Grinex 是 Garantex 的直接继承者，且极可能由同一团队运营控制。

Grinex told the FT it is an independent platform, unrelated to Garantex. “All claims of ‘continuity’ or ‘rebranding’ are speculative and not supported by the facts,” it said.
Grinex 向英国《金融时报》表示其是独立平台，与 Garantex 无关。"所有关于'延续性'或'品牌重塑'的说法均属臆测，缺乏事实依据。"

“Grinex capitalised on market opportunities after the closure of Garantex as part of its growth strategy,” a representative said. “Grinex obtained a portion of the non-toxic customer base of the blocked Garantex exchange, committing only to users with a transparent history.”
作为发展战略的一部分，Grinex 抓住了 Garantex 关闭后的市场机遇，"其代表称，"平台仅接纳历史清白的用户，获得了被查封交易所的部分优质客户资源。

The company also said that Grinex and A7A5 were independent entities, and that the “coincidence of registration dates and peaks in activity does not indicate any affiliation” between them.
该公司还表示，Grinex 和 A7A5 是独立实体，"注册日期和活动高峰的巧合并不表明两者之间存在任何关联"。

The listing of the stablecoin on the exchange was due to user interest, it said. “Amid increasingly frequent blockages by Tether, Russian-speaking customers need a reliable alternative to USDT.”
该交易所表示，上线这款稳定币是出于用户需求。"随着泰达币日益频繁的封锁，俄语用户需要一种可靠的 USDT 替代品。"

Grinex, it added, complies “with international sanctions regimes and does not conduct transactions with jurisdictions or individuals subject to restrictions”. It also contested the FT’s calculations.
该公司补充称，Grinex"遵守国际制裁制度，不与受限制的司法管辖区或个人进行交易"。同时其对英国《金融时报》的计算方式提出异议。

An FT analysis of open source blockchain data found 124 wallets have transferred a combined $9.3bn worth of A7A5 to and from wallets that have been linked to Grinex. The true value of the transactions represented by these token movements is unclear: a large portion of the flows follow rigid fixed patterns which suggest they may be being used as part of an internal banking process.
英国《金融时报》对开源区块链数据的分析发现，有 124 个钱包地址与格里内克斯关联钱包之间转移了总计价值 93 亿美元的 A7A5 代币。这些代币流动所代表的交易真实价值尚不明确：其中大部分资金流遵循严格的固定模式，表明其可能被用作内部银行流程的一部分。

“It seems highly likely that A7A5 exists for use by a relatively small number of services and actors at present,” an Elliptic note said.
"目前 A7A5 似乎极有可能仅由少数服务机构和行为体使用，"Elliptic 的一份报告指出。

It is not possible to confirm whether those actors are linked to Russia. However, an FT analysis of the transactions shows that they occur almost entirely on weekdays, often during Moscow office hours.
虽然无法确认这些行为体是否与俄罗斯有关联，但英国《金融时报》对交易记录的分析显示，这些交易几乎全部发生在工作日，且多为莫斯科办公时段。

In a statement to the FT, A7A5 said it was “created as a response to the crypto community’s growing interest in stablecoins denominated in currencies other than the US dollar”.
A7A5 在向英国《金融时报》发表的声明中表示，该代币"是为回应加密社区对非美元计价稳定币日益增长的兴趣而创立的"。

“We see this as a real market opportunity,” it said.
“我们认为这是一个真正的市场机遇，”该公司表示。

Asked about connections to Garantex and the new Kyrgyz exchange, the issuer said: “The token was distributed through licensed brokers listed on the official website. Listings on individual trading floors took place on their own initiative or on the brokers’ initiative.”
当被问及与 Garantex 及吉尔吉斯斯坦新交易所的关联时，发行方回应称：“该代币通过官网列出的持牌经纪商进行分发。个别交易平台的上架行为均系其自主决策或经纪商推动所致。”

A7 was added to the UK’s sanctions list in May. Speaking at a forum last week, Șor said that A7 was creating a larger, differentiated and “sufficiently invulnerable” new payments system. It would involve exchanging securities and “non-politicised” instruments like precious metals in order to avoid regulators. Crypto would be just one track, he said.
今年 5 月，A7 被列入英国制裁名单。Șor 在上周的论坛发言中宣称，A7 正在打造一个规模更大、差异化且"具备足够抗打击能力"的新型支付系统。该系统将通过交易证券和贵金属等"去政治化"工具来规避监管，加密货币仅是其中一环。

CIR found job adverts by A7 for Chinese speakers, energy experts and accountants in the United Arab Emirates, Kyrgyzstan and Russian-occupied Ukrainian regions.
调查机构 CIR 发现，A7 在阿联酋、吉尔吉斯斯坦及俄罗斯占领的乌克兰地区发布了中文人才、能源专家和会计师的招聘广告。

Last year, Șor was involved in discussions with Keremet Bank in Kyrgyzstan, according to the US Office of Foreign Assets Control, as parts of plans “to create a sanctions evasion hub for Russia to pay for imports and receive payment for exports”. Ofac sanctioned the bank in January.
去年，据美国外国资产控制办公室透露，Șor 曾与吉尔吉斯斯坦的 Keremet 银行进行过商谈，作为"为俄罗斯建立规避制裁中心以支付进口和收取出口款项"计划的一部分。该银行于今年 1 月受到美国财政部制裁。

A7A5 did not respond to any questions from the FT about Keremet Bank, or about Șor and his activities in Moldova.
对于英国《金融时报》关于 Keremet 银行以及Șor 在摩尔多瓦活动的询问，A7A5 未作出任何回应。