EU Sanctions 23 Individuals Five Entities for Cryptocurrency-Based Russian Influence

The European Union has taken decisive action by imposing sanctions on several entities and individuals for their involvement in using cryptocurrencies to evade restrictions, move funds, and spread pro-Russian disinformation. Among those targeted are pro-Kremlin influencer Simeon Boikov and the Moldova-based platform A7. These entities have been accused of leveraging cryptocurrencies to interfere in elections and disseminate false information, thereby undermining democratic processes and national security.

Boikov, known as AussieCossack, has been a prominent figure in spreading pro-Russian disinformation. He was reportedly responsible for the dissemination of a fabricated video alleging voter fraud in Georgia during the 2024 US election. According to a report, Boikov raised donations through multiple channels, accepting both cash and cryptocurrencies. He engaged with high-risk Russian exchanges that do not enforce know-your-client (KYC) checks and received funds via cash-to-crypto services and darknet markets.

The sanctions also extend to A7 OOO, a firm reportedly involved in efforts to influence Moldova’s 2024 presidential elections and EU accession referendum through vote buying. The firm was founded by Ilan Shor, a fugitive Moldovan oligarch, who reportedly used it to move $1 billion out of three of the nation’s banks. The project is linked to A7A5, a ruble-backed stablecoin, which has emerged as a primary transaction tool on Grinex, a crypto exchange widely seen as the successor to Russia’s sanctioned Garantex platform.

The EU's actions are part of a broader strategy to counter Russian influence in Eastern Europe, particularly in regions like Moldova. The sanctions target 23 individuals and five entities linked to oligarch Ilan Shor and his allies, who have been involved in vote-buying and disinformation campaigns. By cutting off these groups from EU markets, the bloc aims to shield Moldova from Russian interference and strengthen its pro-European government.

TRM Labs, a blockchain intelligence firm, explains that A7 was initially intended to facilitate cross-border trade following Russia’s invasion of Ukraine. The company suggests that Grinex and A7A5 are likely “tied to the import of dual-use goods from China to Russia through Central Asia.” Dual-use goods are items that can be used for both civilian and military purposes, and their export is often tightly regulated due to their potential role in weapons development or surveillance. These goods can range from processors that power civilian computers or guide missiles, to materials like cotton, which can be used in clothing or processed into components of gunpowder.

By targeting both individuals and infrastructure that enable these tactics, the EU is signaling a broader strategic shift toward disrupting the full lifecycle of influence operations, from funding flows to narrative dissemination. This move underscores the EU's commitment to safeguarding democratic processes and national security in the face of evolving threats posed by cryptocurrencies and digital assets.