Oleg Ogienko, a senior executive at ruble-backed stablecoin issuer A7A5, says he is ready to publicly challenge allegations that his company breaches compliance rules.
In an interview with CoinDesk during Consensus Hong Kong, Ogienko described A7A5 as a rapidly expanding payments network designed to facilitate cross-border trade for businesses operating under sanctions constraints.
Registered in Kyrgyzstan, A7A5 issues a ruble-pegged stablecoin that, according to market data, expanded its circulating supply last year at a pace exceeding that of industry leaders Tether and Circle’s USDC. Ogienko said the firm adheres strictly to the laws of its home jurisdiction and follows standard compliance practices.
“We are fully compliant with the regulations of Kyrgyzstan. We do not do illegal things,” he said, citing regular audits, know-your-customer procedures and built-in anti-money-laundering controls. He added that the company respects Financial Action Task Force guidelines.
At the same time, A7A5’s affiliated entities — Old Vector LLC and A7 LLC — along with reserve bank Promsvyazbank, are under sanctions from the U.S. Department of the Treasury. Those measures effectively restrict their access to the U.S. dollar financial system and institutions that rely on it.
Ogienko argued that while U.S. sanctions limit interaction with dollar-based markets, supporting Russian firms engaged in international trade is not illegal under Kyrgyz or Russian law. He positioned A7A5 as a settlement tool serving companies in regions where such activity remains lawful.
The token has gained traction among Russian businesses facing banking restrictions, offering cross-border payment functionality and, through decentralized finance protocols, indirect access to USDT liquidity without directly holding dollar-backed stablecoins.
Industry data show A7A5 increased its circulating supply by nearly $90 billion last year, surpassing USDT’s roughly $49 billion growth and USDC’s approximately $31 billion expansion.
Navigating sanctions pressure
Ogienko acknowledged that sanctions create operational challenges and limit access to certain Western products and services. However, he said they have not halted trade flows, instead reshaping how payments are settled and increasing demand for alternative rails.
He noted that much of A7A5’s demand originates from companies in Asia, Africa and South America that transact with Russian exporters and importers and require cross-border settlement options.
Liquidity remains constrained. Major centralized exchanges have refrained from listing the token due to concerns about secondary sanctions exposure. While decentralized exchanges offer pools where A7A5 can be swapped for USDT, available liquidity remains modest.
Ogienko said his visit to Hong Kong was aimed at expanding partnerships with exchanges and blockchain networks. A7A5 is currently deployed on Tron and Ethereum, with additional integrations under consideration.
The firm’s association with sanctioned entities has occasionally generated discomfort at industry events. At Token2049 in Singapore, organized by Hong Kong-based BOB Group in a jurisdiction without Russia sanctions, A7A5 was initially listed as a sponsor before references were later removed following concerns from other participants.
Despite the political sensitivities, Ogienko said the company remains focused on growth, with ambitions to capture a significant share of Russia’s international trade settlements through A7A5 over time.
For now, the token cannot be used domestically within Russia, where lawmakers are still developing a regulatory framework for stablecoins. Ogienko described the company’s engagement with Russian authorities as consultative, centered on blockchain policy and financial infrastructure rather than state control.
“We’re not politicians. We are traders. We are businessmen,” he said. “We’re open for business cooperation with any country.”
