Russia uses Tether to influence Moldovan elections

Moldova goes to the polls today. Their future is at stake in these parliamentary elections, and for once that’s no exaggeration. The choice is between pro-Europe or pro-Russia. Research by Elliptic’s journalists revealed that the Kremlin is using some $8 billion in stablecoins to influence various elections in Eastern Europe, although it’s unclear how much of that money is going to the pro-Russian parties in Moldova. According to the latest polls, the outcome today could go either way.

Europe 2030

While the world worries about the direction the United States and China are taking, fewer and fewer people are paying attention to the EU’s role. This isn’t a major problem for Brussels, as they are quietly preparing for “Europe 2030,” the project to expand the union by another five (to eight) countries. The main candidate member states are Albania, Bosnia-Herzegovina, Montenegro, North Macedonia, and Serbia. Moldova, Ukraine, and Georgia are also eager to join.

Russia isn’t thrilled about these plans and is therefore constantly trying to influence elections in these countries. It is increasingly using crypto stablecoins for this purpose because they are easier to move than fiat money (for which the rest of the world has imposed sanctions on them).

Tether

Ilan Shor, a Moldovan with connections to the Kremlin, has received billions of stablecoins in his various wallets in recent months and is now distributing them to pro-Russian parties in the country. Tether is primarily used for this purpose.

Tether is valued by Russians for its price stability compared to their own volatile ruble, its greater usability for payments, and its role in circumventing international sanctions, certainly after domestic banks were disconnected from SWIFT.

So, if you wake up tomorrow and hear that a pro-Russian party has won the elections in Moldova, you can be sure that the European Commission will file a complaint against Tether soon.