Russian Payments Group Accused of $6.9 Billion Sanctions-Evasion Scheme

A7, a Russian payments group, was launched in Russia and Kyrgyzstan by Moldovan businessman Ilan Shor, backed by Promsvyazbank (PSB), a state-owned bank with ties to the defense sector. The company has been accused of operating as a state-backed sanctions-evasion network, mixing bills of exchange, crypto, and conventional banking to move over $6.9 billion through global banks.

A7 was promoted as an alternative for Russian import payments after Western governments cut major Russian banks off from Swift following the 2022 invasion of Ukraine. Shor described the system as 'immune to sanctions.'

According to investigations by Financial Times and Wall Street Journal, A7 used a combination of front companies, fake invoices, and conventional banking to bypass anti-money laundering checks. The group sent large volumes through three Kyrgyz banks in 2024-2025, with First Abu Dhabi Bank handling the bulk of flows.

China and Hong Kong were the main destinations for A7's transactions, receiving over $3 billion combined. Other major banks involved include Standard Chartered, Deutsche Bank, and JPMorgan Chase. Some payments are alleged to be for military or security-service procurement.