Russian Officials Join A7 Board as Ruble Stablecoin Logs $140 Billion

Three Russian officials joined A7’s board as the company’s ruble-backed stablecoin reached an estimated $140 billion in cumulative transactions, underscoring the payment network’s growing role in Russia’s foreign trade.

Russia’s government press office announced Friday that Finance Minister Anton Siluanov, Energy Minister Sergei Tsivilev and First Deputy Prime Minister Denis Manturov had taken seats on the board. PSB created A7 in 2024 as a service for Russian firms settling payments across borders.

A7 uses A7A5, a stablecoin linked to the ruble, in its settlement work. The token first appeared in Kyrgyzstan in 2025; ruble deposits at PSB back it. PSB estimates that cumulative A7A5 transactions total about $140 billion.

Sanctions have narrowed the banking routes available for Russian commerce, including transactions with China, the country’s largest trading partner. A7 puts the share of Russian foreign trade settled through alternative routes at as high as 80%.

The U.S. Treasury sanctioned A7 on Oct. 1, saying it used a global network of affiliated firms to make payments connected to sanctioned industries and individuals appear to be routine business.