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The European Union (EU) is considering sanctions against a Russian ruble-backed stablecoin called A7A5, which is the world’s largest non-US-dollar stablecoin. According to a Bloomberg report that cited documents related to the proposal, the sanction would prohibit EU-based organizations and individuals from engaging directly with the token or indirectly through third party platforms.   The proposed sanctions will require the backing of all 27 member states before they receive approval. The proposed sanctions could also still be amended or changed before they are implemented, the report added.  EU Block’s Crypto Access For Russian Users The proposed action is part of the EU’s broader strategy to clamp down on financial instruments that have helped Russia get around Western sanctions. It also follows sanctions imposed earlier this year in September, which blocked transactions for Russian residents. New limits were imposed on interactions with foreign...

BRICS member China has given the nod for two flying taxis’ manufacturers, GOVY and eVTOL, to reassemble a small helicopter that can fly at an altitude of 100 to 300 meters. The founder of GOVY, Su Qingpeng, confirmed that the government granted flight authorization and the firm could manufacture by 2027. The first batch of sales of flying taxis from China will be delivered to BRICS counterparts Russia and the UAE. A company based in the United Arab Emirates has placed orders for 350 flying taxis from eVTOL. The total estimated value of the pre-orders for the 350 flying taxis is projected at $1 billion. Also Read: The Mighty BRICS Folds Under Pressure BRICS Member China To Start Flying Taxis by 2027, Plans First Batch of Sales to Russia and the UAE Source: Reuters / Benoit Tessier Qingpeng revealed that GOVY’s flying taxis can reach up to a speed of 130 kilometers per hour. The design will be a two-seater, built flying machine that will resemble a small helicopter. If GOVY in...

BRICS member Russia’s economy is thriving despite the US pressing sanctions since February 2022 for invading Ukraine. The country has bypassed the sanctions and began settling trade in local currencies. The Chinese yuan is now the most used currency for cross-border transactions in Russia and not the US dollar. The Russian ruble is also being heavily used for trade settlements helping its economy stay afloat even during sanctions. Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency The sanctions on Russia are what led to BRICS kickstart the de-dollarization agenda around the world. The US Treasury Secretary Janet Yellen confirmed that de-dollarization gained steam after the sanctions on Russia. The alliance is looking to promote local currencies for trade to strengthen their native economies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS Endorses New Country To Join the Alliance B...

The BRICS alliance is attracting new members from all corners who want to join the bloc and ditch the US dollar for trade. The alliance is becoming lucrative for developing countries that want to strengthen their local currencies and native economies. These nations are eager to break free from the clutches of the US dollar and make either their local currencies, CBDCs, or even Bitcoin the legal tender for cross-border transactions. Also Read: China Approves New BRICS Member One such country is El Salvador, which is exploring the options to join the BRICS alliance in 2024. El Salvador is the first country to legalize Bitcoin and also owns $400 million worth of BTC in their reserves. BRICS member Russia has been sanctioned by the US for nearly two years and is looking to settle trade without the dollar. The sanctions are allowing El Salvador to sign new deals with BRICS member Russia . Russia needs a mutual understanding with El Salvador to navigate its economy without depending on ...

A UK crypto firm allegedly used to dodge sanctions report edly sent $4.2 million in crypto to a known member of an international Russia n arms dealing network before he was sanctioned by the US.  Crypto infrastructure firm Copper reportedly sent millions to the crypto wallet of Jonatan Zimenkov, an Israel-born Russian national accused by the US Office of Foreign Assets Control (OFAC) of helping his father Igor Zimenkov, avoid sanctions and run an arms dealing collective. Igor Zimenkov is alleged to be the leader of the Zimenkov network, which is accused by the OFAC of selling military equipment to third-world countries on Russia’s behalf while supporting defense entities key to Russia’s military-industrial complex. “Igor and Jonatan Zimenkov both had direct correspondence with sanctioned Russian defense firms. They have additionally been involved in multiple deals for Russian cybersecurity and helicopter sales abroad,” the OFAC sanction reads. Screenshot shared by th...

Saudi Arabia has kept the decision to join BRICS on hold as the Kingdom has yet to provide an answer about its intention to join the alliance. While the decision to join BRICS is pending, Saudi Arabia signed a weapons manufacturing deal with U.S. Lockheed Martin. While the deal was seen as a setback to BRICS, Ecuador rubbed salt in the wounds after signing a new deal arms deal with the US. BRICS member Russia remains furious that Ecuador is selling Russian-made weapons to the U.S. in the new trade agreement. Also Read: After Pausing BRICS , Saudi Arabia Signs Deal With US Lockheed Martin For the uninitiated, Ecuador signed an arms deal with the U.S. to sell Soviet-era weapons in exchange for modern equipment. The U.S. will send Soviet-era weapons to Ukraine to help the country fight its war against BRICS member Russia. The move has made Russia furious citing that its self-made weapons will be used against the country through U.S. interests. BRICS: A Furious Russia Bans Ecuad...

Exved is a Russia n firm that announced its launch yesterday, December 7th. The firm intends to enable exchange s between Tether (USDT), rubles, and the dollar. Sergey Mendeleev’s InDeFi Bank, a Russia n bank, appears to have launched the project in collaboration with Exved. Mendeleev is also the found er of Garantex with Stanislav Drugalev, an Office of Foreign Asset Control (OFAC) sanctioned entity. Exved purports to only work with legal and compliant entities and is focusing its efforts on importers and exporters. In a since-deleted article from CoinTelegraph, Mendeleev claimed that the Exved’s mechanics have been approved by the Bank of Russia.  One of the largest counterparties of the Hydra darknet market was Garantex, the other cryptocurrency exchange that Mendeleev founded. The announcement from OFAC details how Garantex lost its license in Estonia after review by the authorities found “critical AML/CFT deficiencies and found connections between Garan...

The U.S. pressed economic sanctions against BRICS member Russia in February 2022 for invading and waging war against its neighboring country, Ukraine. Similarly, the U.S. had pressed sanctions against the new BRICS member Iran for its role in supporting terrorism around the world. The sanctions brought down Russia and Iran’s economies leading them to rely on other developing countries and use local currencies for trade. Also Read: 10 U.S. Sectors To Be Affected If BRICS Stops Using the Dollar U.S. Treasury Secretary Janet Yellen confirmed that the sanctions are what led BRICS to challenge the dollar. The White House’s move might have backfired as developing countries are forging partnerships in fear of U.S. sanctions. The development is leading to ideas of alienating the U.S. dollar and promoting local currencies for cross-border transactions. BRICS Takes on the US Dollar Despite Sanctions Source: Alan Santos / PR / Wikipedia Commons BRICS nations are already ...

Despite rumors , CommEX, the company that acquired Binance’s Russian business, has denied any connection with Binance.  In a statement, CommEX acknowledges that they have former Binance employees on their team but emphasizes that Binance does not own their company.  CommEX did not disclose the identities of their leaders as they prefer to remain private. You might also like: Binance considers exit from Russia following sanction violations The company also revealed that it took six months to develop the platform, with former Binance employees contributing their experience in product creation and internal processes. The similarity of cultures and values between the two companies played a crucial role in winning Binance’s trust. “Based on the trust in former Binance employees and given our proven technological capabilities, choosing us was not a risk, but the best decision.” CommEX team On Sep. 27, 2023, Binance agreed to sell its Rus...

Binance, a renowned cryptocurrency exchange, is embroiled in controversy as recent reports suggest a possible helping hand to Russia amidst Western sanctions. The story unravels with connections to blacklisted Russian lenders, contradicting public statements, and the shifting regulatory landscape. As dawn breaks over the world of crypto, murmurs seep into daylight, revealing stories that could shape the industry’s narrative. And as it happens, Binance, one of the juggernauts of the crypto world, finds itself at the heart of a contentious debate. According to a Wall Street Journal report from Aug. 22, Binance seems to be processing transactions for not one, but at least five Russian lenders — lenders that have felt the cold shoulder from Western powers.  It is crucial to underline that this isn’t about everyday citizens seeking financial avenues. Rather, this is about individuals entrenched in power and wealth — the very beneficiaries of the war and individuals who ...