Inside the sanctioned stablecoin issuer A7A5’s race to build a crypto giant

A7A5’s Oleg Ogienko Defies Sanctions, Eyes 20% of Russia’s Trade with Ruble Stablecoin

HONG KONG — Oleg Ogienko, the outspoken director of regulatory and overseas affairs at A7A5, isn’t backing down. The issuer of a ruble-backed stablecoin that outpaced USDT and USDC in growth last year is challenging critics head-on, insisting his company is fully compliant—even as U.S. sanctions cast a long shadow over its operations.

Speaking exclusively to CoinDesk at Consensus Hong Kong, Ogienko defended A7A5’s rapid rise, which saw nearly $90 billion in new supply added last year, far outstripping industry giants. The secret? A7A5 has become a lifeline for Russian businesses navigating Western banking restrictions, offering a way to settle cross-border trades without relying on traditional financial channels.

“We are fully compliant with the regulations of Kyrgyzstan. We do not do illegal things,” Ogienko declared, pointing to the company’s robust KYC and AML protocols. “We do not violate any Financial Action Task Force principles.”

But there’s a twist: A7A5’s issuing entities and its reserve-holding bank, Promsvyazbank (PSB), are sanctioned by the U.S. Department of the Treasury. That means American institutions can’t touch them—but in Kyrgyzstan and Russia, where A7A5 is based, the rules are different.

Ogienko argues the sanctions have only fueled demand. With centralized exchanges wary of listing the token, A7A5 has turned to decentralized finance (DeFi) protocols, allowing users to swap A7A5 for USDT. Still, liquidity remains tight—just $50,000 in USDT is currently available on the platform’s own dashboard.

Undeterred, Ogienko is on a mission to change that. At Consensus, he met with exchanges and blockchain partners (though he declined to name names) to explore new listings and integrations. “We’re here to do cooperation with them,” he said, revealing plans to expand beyond Ethereum and Tron to other blockchains.

The stakes are high. Ogienko aims for A7A5 to handle more than 20% of Russia’s trade settlements with other countries—a bold target in a market still waiting for stablecoin regulations to be finalized at home.

“We’re not politicians. We are traders. We are businessmen,” Ogienko said, emphasizing A7A5’s neutrality and openness to global partnerships. “We’re open for business cooperation with any country.”

As the crypto world watches, A7A5’s rise is a testament to the resilience of decentralized finance in the face of geopolitical headwinds. Whether it can sustain its momentum—and navigate the complex web of international sanctions—remains to be seen.

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