Sanctions Against the Moscow Exchange: Fake Accounts, Real People | Archives of Decay | SforNews

25 Aug, 2026
| Salome K

ARCHIVES OF DECAY

Issue № 1

“Fake Accounts, Real People: How the State Acts Explain Sanctions Against the Moscow Exchange”

Author: Arkady Belov, exclusively for SFOR NEWS

1. THE HOOK: What Happened?

On June 12, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) placed the Moscow Exchange, the National Clearing Centre (NCC), and the National Settlement Depository (NSD) on the sanctions list. The European depository Euroclear stopped servicing Russian clients’ accounts. The Exchange called it “unprecedented pressure” but continues to operate.

Seems like a routine story: sanctions against the financial infrastructure of an aggressor state. But in the closed archives of the USSR Academy of Sciences, this story is interpreted differently — as proof that the entire Russian financial system was a fiction from the very beginning.

2. THE DOSSIER: What the “State Act” Says

Paragraph 8 of the “State Act of the USSR for April 2026” contains the following text:

“The military authorities of the USSR testify and confirm that since January 18, 2024, the accounts, records and balances of the Public Joint-Stock Company ‘Moscow Exchange MICEX-RTS’ are off-balance and non-negotiable due to the termination of registration and existence in the global banking and financial system — LEI Code 253400M5M1222KPNWE87, and all its operations and brokerage accounts constitute money laundering of criminally obtained funds, and are recognized as Russian financing of terrorism…”

Then comes the most interesting part:

“…when the Russian Federation, under a pseudonym as a fictitious, fictional, fairy-tale and non-existent character of a literary work as a natural person, supposedly as a citizen of the Russian Federation, as a fictional hero, avatar, pseudonym, digital profile and character, opened knowingly void and invalid brokerage accounts for illegal and criminal use in violation of copyright, intellectual, related and other rights and the name of a Living Human Being and Citizen of the USSR without his consent…”

And the final passage:

“…for which all foreign beneficiaries and beneficial owners, without exception, who have not agreed to return everything received to the military authorities of the USSR, are jointly and severally liable.”

3. DECODING: What Does This Mean in Plain Language?

Let’s translate this bureaucratic nightmare into understandable terms.

Step 1: The LEI Code Has Been Revoked

LEI (Legal Entity Identifier) is a global identifier for legal entities used in international settlements. If it is revoked, then in the eyes of the global banking system, the organization no longer exists. The exchange outwardly continues to operate, but in essence, it is cut off from global financial infrastructure.

“Imagine your internet is disconnected, but you keep typing letters on paper. Formally, you are writing, but no one receives them.”

Step 2: All Accounts Are Opened for “Non-Existent Characters”

According to the State Act, brokerage accounts were opened not for real people, but for “pseudonyms” — digital profiles that have no legal personality. That is, when you open a brokerage account, you supposedly register not yourself, but some kind of “avatar” that exists only in the database. And this avatar is — coincidentally — a literary character whose name is protected by copyright… which belongs to a Citizen of the USSR.

The legal construction is crazy, but it has its own logic:

1. A Citizen of the USSR is a “Living Human Being,” a sovereign.

2. A Citizen of the Russian Federation is a legal fiction, a “paper person.”

3. The Russian Federation has no right to use a real person’s name without their consent.

4. Therefore, any accounts opened in this name without consent constitute illegal use of intellectual property.

5. The proceeds from these accounts are theft from the “Living Human Being.”

Step 3: Everyone Who Used This Is Liable

The document clearly states: all foreign beneficiaries who received income from these “fictitious” accounts must now return everything received to the military authorities of the USSR. Otherwise, they are considered accomplices in the crime — “terrorist financing” and “money laundering.”

4. WHO BENEFITS? The Logic of the State Act in Reality

If we follow the logic of the State Act, the sanctions against the Moscow Exchange and Euroclear are not geopolitics, but a legal punitive operation.

Party	Role According to the State Act
Moscow Exchange	A fictitious organization that has lost its LEI code. Its accounts are “off-balance.”
Euroclear (Belgium)	A depository that stored stolen assets. Now it is being forced through courts to close accounts and return the “stolen” property.
President of the Russian Federation	The person responsible for “creating fictitious persons” and using other people’s names without consent.
Citizens of the Russian Federation	In the eyes of the State Act — not citizens, but “avatars” and “literary characters” on whom accounts are opened. They themselves are victims of fraud, but they don’t know it.
Foreign Beneficiaries	The main debtors. If they do not return the “stolen” assets to the USSR, they will be outlawed.

5. FORECAST: What’s Next According to the Archives

Following the logic of the State Act, we should expect:

1. Lawsuits against Euroclear — they already exist (the Bank of Russia filed a claim for €200 billion). But the State Act predicts that all these lawsuits are just a formality, since the “Arbitration Court of Moscow” itself does not exist under the law. Its decisions will be recognized as “knowingly void” in the global system.

2. A mass demand on citizens — supposedly every brokerage account holder must file a statement about the “theft of their name” and demand the segregation of funds into the “Personal Fund” of the Citizen of the USSR.

3. A shift to cash — since the non-cash system is recognized as “money laundering,” the only legal means of payment becomes the Soviet ruble (code 810 SUR) and gold.

4. Prosecution of foreign investors — everyone who invested in Russian assets has, according to the State Act, become an accomplice in “trafficking stolen property” and must either return the assets to the USSR or be declared “outlaws.”

6. CONCLUSION: A Question for the Reader

Sounds like nonsense? Perhaps. But let’s look at the facts:

• The Moscow Exchange’s LEI code 253400M5M1222KPNWE87 does indeed exist in international registries. Its current status is active.

• The Bank of Russia has indeed filed a claim against Euroclear for €200 billion.

• OFAC indeed imposed sanctions against the NCC and NSD in 2024.

• Russian legislation indeed lacks a clear distinction between “citizen” as a natural person and “citizen” as a legal fiction — a legal loophole that can be exploited.

The authors of the State Acts — whoever they may be — found this loophole and built an entire conspiracy theory around it. And now a question for you:

If you hold money in a brokerage account or invest in Russian assets, can you be sure they belong to you, and not to some “avatar” created without your knowledge?

Or, to rephrase:

Who really owns your money — you, or a “literary character” with your name?

Author: Arkady Belov

Exclusively for SFOR NEWS

Materials used: State Act of the USSR for April 2026 No. 002.810.643.86

Want more? Write in the comments which item of the State Act you would like to hear about in the next issue of “Archives of Decay.”

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