US Treasury Cracks Down on A7 Shadow Banking Network

The US Treasury has announced sanctions against A7, a shadow banking network linked to Russia and used by Iran to evade sanctions. The network processes over 2,000 transactions daily, with a daily volume of $91.5 billion, equivalent to 13% of Russia's foreign trade. This amounts to more than $17 billion in global transactions since January 2025.

A7 connects to Nobitex, Iran's largest crypto exchange, and has been linked to North Korean hackers laundering stolen cryptocurrency. The network is run by convicted fraudster Ilan Mironovich Shor as part of Operation Economic Outcast, launched in August to isolate Iran economically and disrupt sanctions evasion crypto networks.