Russia is seeking to build an alternative cross-border payments network in Africa using a ruble-backed cryptocurrency, as it looks to bypass Western financial systems following sanctions imposed over the war in Ukraine, the Financial Times reported Monday.

The effort centers on A7, a cryptocurrency network partly controlled by fugitive Moldovan banker Ilan Șor and Russia’s Promsvyazbank, which is linked to the country’s defense sector. The two entities hold stakes of 51% and 49%, respectively, according to the FT.

The push highlights Moscow’s broader strategy to deepen economic and political ties in Africa while reducing reliance on Western financial infrastructure, though there is little evidence so far that the…