A cryptocurrency token launched in Kyrgyzstan to help Russia facilitate cross-border payments and bypass international sanctions has moved $9.3 billion in transactions in just four months, the Financial Times reported Wednesday.

The stablecoin, which was launched in February and named A7A5, is pegged to the Russian ruble and has been linked to sanctioned Moldovan businessman Ilan Şor.

Its launch coincided with the founding of a new cryptocurrency exchange called Grinex, which supports trading in A7A5, Russian rubles and Tether, a popular dollar-pegged stablecoin.

There are currently 12 billion A7A5 tokens in circulation with a value equivalent to $156 million, according to FT.

An analysis of crypto wallets linked to Grinex conducted by FT found that a relatively small group of users carry out daily transfers that often amount to several times the coin’s volume.

In aggregate, transactions involving A7A5 have reached $9.3 billion.

The coin is backed by ruble deposits at Promsvyazbank, a major lender to Russia’s defense sector that is under strict sanctions from the U.S., the U.K. and the EU.

A7, the coin’s issuing company, is co-owned by Ilan Şor, a Moldovan businessman convicted of embezzling $1 billion from the nation’s banking system, nearly causing a national bankruptcy. Şor obtained Russian citizenship after fleeing house arrest in Moldova.