Fugitive oligarch Ilan Shor linked to new crypto scheme aiding Russia in evading sanctions
Fugitive oligarch Ilan Shor has established a complex network to evade Western sanctions. An investigation by RISE Moldova revealed that Shor has infiltrated markets in Kyrgyzstan and the United Arab Emirates, utilizing a hidden server and money transfer sites. Sentenced to 15 years in prison in Moldova, Shor is believed to be conducting his operations from Moscow.
Fugitive Moldovan oligarch Ilan Shor is linked to the Kyrgyz-registered cryptocurrency platform Grinex, which appeared shortly after the closure of Garantex, a Russian exchange accused of money laundering and supporting cybercrime, according to The Insider.
The Financial Times reports that Grinex processed approximately $9.3 billion in transactions within just four months, utilizing the A7A5 token, which was launched in February 2025 and is directly tied to the Russian ruble.
The A7A5 token is backed by Shor and the Russian bank PSB (formerly known as Promsvyazbank), which is under international sanctions due to its involvement in Russia’s war against Ukraine.
The token has experienced rapid growth, with 12 billion coins currently in circulation, valued at $156 million.
Grinex has recently attracted the attention of international authorities following the seizure of Garantex domains by the United States, Germany, and Finland. They also froze over $26 million and added several individuals and companies tied to the exchange's former operations to the sanctions list.
Recently, IPN revealed more details about the network of companies and financial schemes that Ilan Shor employs to help Russia evade international sanctions. His structures collaborate directly with state banks in Russia, develop currencies, and contribute to the creation of an alternative to the SWIFT system.
Additionally, the report highlights that Kyrgyzstan, Uzbekistan, the United Arab Emirates, Turkey, and Mongolia are just a few locations in the shadow empire constructed by the fugitive politician.
