Bennet Leads Colleagues to Demand Trump Administration Crack Down on Russian Crypto Sanctions Evasion Network

About About Michael Legislation News Press Releases Social Media Newsletter Archive Services Priorities Top Issues Child Tax Credit Investing in Colorado Contact Map Español Acerca de Michael Escribe a Michael Prioridades Servicios Visitando D.C. Bennet Leads Colleagues to Demand Trump Administration Crack Down on Russian Crypto Sanctions Evasion Network Washington, DC — Colorado U.S. Senator Michael Bennet, a member of the Senate Select Committee on Intelligence and Senate Finance Committee, led seven colleagues in a letter to Secretary of the Treasury Scott Bessent urging the Trump Administration to crack down on A7 LLC, a Russian state-backed cryptocurrency sanctions evasion network supporting Russia’s unprovoked full-scale war against […] Jul 30, 2026 | Press Releases Washington, DC — Colorado U.S. Senator Michael Bennet, a member of the Senate Select Committee on Intelligence and Senate Finance Committee, led seven colleagues in a letter to Secretary of the Treasury Scott Bessent urging the Trump Administration to crack down on A7 LLC, a Russian state-backed cryptocurrency sanctions evasion network supporting Russia’s unprovoked full-scale war against Ukraine. Senate Armed Services Committee Ranking Member Jack Reed (D-R.I), Banking, Housing, and Urban Affairs Committee Ranking Member Elizabeth Warren (D-Mass.), Democratic Whip Dick Durbin (D-Ill.), Tim Kaine (D-Va.), Angus King (I-Me.), Chris Van Hollen (D-M.D.), and Sheldon Whitehouse (D-R.I.) signed the letter. “We write to urge the Trump Administration to immediately investigate and address Russia’s ongoing, widespread evasion of U.S. and allied sanctions through the A7 LLC (A7) network. Doing so is crucial to limit the revenue Russian President Vladimir Putin has available to wage his unjustified war against Ukraine, threaten our NATO allies, and help Iran target U.S. troops, according to public reporting,” began the senators. The Russian state-owned bank Promsvyazbank and a Moldovan oligarch convicted of stealing from Moldova’s banking system launched A7 in late 2024. The revenue Moscow accrues through the A7 network – with the A7A5 stablecoin as its backbone – directly supports the Russian military-industrial complex and thus Putin’s war on Ukraine. Even after the United States imposed sanctions on a small number of A7 entities in 2025, the network openly claimed to have over 30 shell companies enabling around 1,500 daily transactions with over 10,000 customers. As of January 2026, the A7A5 stablecoin had reportedly processed over $100 billion in transactions, accounting for nearly 19 percent of the total volume of Russian businesses’ foreign trade operations. “Unfortunately, the Trump Administration has largely stood by and watched the growth of this large-scale evasion enterprise. Under previous administrations, the Departments of State and Treasury went beyond targeting Russia’s attempts to establish new evasion pathways by publicly and privately warning third countries to turn away such efforts. […] In contrast, the Trump Administration has not used its Russia sanctions authority or even, it seems, warned countries to root out A7,” wrote the senators. Accordingly, Bennet’s letter urges the Department of the Treasury to: Identify remaining unsanctioned entities involved in the A7 network and A7A5 ecosystem; Impose sanctions on third-country entities facilitating the A7 network; Engage partner nations to better counter A7; Identify G7 financial institutions’ vulnerabilities to A7; Target A7A5 developers and facilitators helping Russia purchase missile components despite G7 sanctions; Explain how the Trump Administration will prevent decentralized exchanges from facilitating U.S. users from trading in A7A5; and Support anti-money laundering requirements for business behind decentralized trading platforms and for “front end” users for interfaces for centralized platforms. Bennet has fought relentlessly to impose more pressure on Putin to end his unjust war of aggression against Ukraine. Earlier this July, Bennet joined a bipartisan group of over 60 colleagues to introduce legislation , a version of which Bennet has supported for over a year, to hold major purchasers of Russian oil and gas accountable for supporting Russia’s war in Ukraine. Bennet also co-sponsors the bipartisan SHADOW Fleets Act and DROP Act to impose sanctions on specific Russian oil ships and entities trading in Russian oil, respectively. In May 2026, Bennet led 14 Senate colleagues to urge Secretary Bessent to fully resume sanctions on Russian oil and use every available tool to cut into the windfall profits Russia continues to earn from the elevated energy prices stemming from President Trump’s unauthorized war with Iran. Earlier this year, Bennet wrote an op-ed in EURACTIV urging the United States and like-minded allies to form a coalition to cooperatively and immediately wield Russian sovereign assets on Ukraine’s behalf. In December 2025, Bennet led a bipartisan letter to