// PROJECT
Economic statecraft
Investigating how states weaponise trade, investment, and financial infrastructure to advance strategic objectives.
// INTELLIGENCE
The Russian History Kyrgyzstan Left Out of Its Stablecoin Launch
Crypto turnover in Kyrgyzstan went from $61 million a year to roughly $30 billion in three years, most of it arriving as Western sanctions pushed Russian money out of the banks. Under pressure, Bishkek began shutting companies down. It left one venture alone: USDKG, the state's own gold-backed stablecoin, sanctioned by Britain in May and still trading.
Is Russia's Sanctioned Stablecoin Actually Working?
A7A5's promoters call it a $34 billion success the West can't stop. Blockchain analysts have taken that number apart. But A7A5's more telling feature may be the interest it pays, and what that says about sanctions effectiveness.
A7A5: Russia's Sanctioned Stablecoin Says It Moved $34 Billion. Much of It Went in a Circle.
We traced the crypto wallets. $31 million left one account and came back 13 minutes later. The payments business has collapsed, and the real draw appears to be the nearly 14 percent interest A7A5 quietly pays.
A Kremlin-Backed Payments Network Shared a Dubai Address With Iran’s Arms Network
How Moscow's digital payments platform A7, Russia's shadow fleet brokers, and an Iranian oil-smuggling network became Dubai neighbors, and what it means as Washington extends its waiver to June 17.