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The European Union is proposing new sanctions to choke off a ruble-backed stablecoin that’s fueling sanctions evasion. The bloc aims to ban all EU entities from trading the A7A5 token, which has processed $68 billion in transactions since launch, reports Bloomberg. Owned by Moldovan fugitive banker Ilan Shor and Russia’s state lender Promsvyazbank, the stablecoin boasts 41.6 billion tokens in circulation worth $496 million as of September 26th. The coin was created by the payments firm A7, which was hit with US penalties earlier this year. EU leaders say the coin directly helps Russian firms dodge Western restrictions via crypto swaps through exchanges like the blacklisted Garantex, and the move is designed to escalate pressure on Moscow’s digital workarounds amid the ongoing war with Ukraine. The EU’s measures will need unanimous EU approval and would also target banks in Russia, Belarus and Central Asia for enabling the crypto stablecoi...

Iran’s and China’s oil trade is actually shifting quite rapidly right now as new US sanctions and also OPEC production cuts are reshaping global energy markets. At the time of writing, with China oil imports changing dramatically and also fresh US oil sanctions taking effect, multiple factors are sort of converging that might push oil prices in unexpected directions during May 2025. Also Read: Scope Issues Downgrade Alert as U.S. Dollar Sees Worst Drop in 50 Yrs Iran–China Oil Trade, OPEC Cuts, and Sanctions Driving May Prices Source: Watcher Guru New US Sanctions Target Chinese Importers The Trump administration has just issued new sanctions targeting Iran’s oil exports, including a China-based “teapot” oil refinery. This move comes as oil prices were already showing some upward momentum in recent weeks. Brent crude futures rose 0.5% to $66.19 per barrel, while US West Texas Intermediate crude increased 0.7% to $62.91. Both benchmarks actually settled 2% h...

The US Treasury, having just dropped sanctions against the crypto mixer Tornado Cash, filed a notice last Friday declaring a Texas district court case is now “moot” before a final judgment can be made. The “moot” notice implies the case is no longer practical due to the Treasury removing Tornado Cash sanctions. As such, the Texas District Court might refrain from issuing a final judgment and dismiss the case. The Rage reports that if this happens, there will be no binding court order to stop the Treasury from sanctioning Tornado Cash or similar software again.  US drops Tornado Cash sanctions, frontend remains compromised Read more: OFAC ‘overstepped’ on Tornado Cash sanctions, court orders reversal Plaintiffs brought the case against the Treasury, arguing the agency had overstepped its powers when it sanctioned Tornado Cash over money laundering concerns. The plaintiffs lost and appealed the decision. Last November, the appeals court ruled that the dis...

The US has issued sanctions against a Russian businesswoman, accusing her of helping Russian oligarchs bypass sanctions via crypto exchanges, laundering their funds, and using Dubai to legitimize money trails. As announced on Friday by the US Treasury Department, 37-year-old Ekaterina Zhdanova is alleged to have helped international oligarchs from Russia bypass US sanctions that were implemented during the Ukraine war.  Zhdanova is said to have used crypto to move over $100 million to the United Arab Emirates (UAE) on behalf of one wealthy client and allegedly offered a local tax residency service to help Russians create an origin of funds that international authorities wouldn’t question.  According to officials, “Through key facilitators like Zhdanova, Russian elites, ransomware groups, and other illicit actors sought to evade U.S. and international sanctions, particularly through the abuse of virtual currency.” Zhdanova allegedly US ed sanctioned crypto exchanges, such as Garan...