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A7 Network Allegedly Moves Billions Through Global Banks
A7 is a payments company connected to Russia and businessman Ilan Shor.
It was created after major Russian banks lost access to the Swift international payments system.
Investigators say A7 helped move Russian money through other countries and banks.
They say the network used many front companies and fake invoices to make payments look legitimate.
More than $6.9 billion reportedly passed through the network.
Much of the money went to China and Hong Kong, while banks in the United Arab Emirates also handled large transactions.
Some payments may have involved military or security-related purchases, according to the report.
A7 says it is an important payment provider for ordinary Russian businesses and has called itself resistant to sanctions.
The report also compares A7 with older Russian schemes used to move money abroad.
A7 was launched in Russia and Kyrgyzstan by Moldovan businessman Ilan Shor with backing from state-owned Promsvyazbank.
Financial Times and Wall Street Journal investigations described A7 as a state-backed network helping Russia evade sanctions.
Investigators reported that A7 used front companies, forged invoices, crypto and conventional banking to move more than $6.9 billion.
Major transaction routes involved Kyrgyzstan, the United Arab Emirates, China, Hong Kong and banks including First Abu Dhabi Bank.
The report links A7’s methods to earlier Russian money-transfer schemes, including Deutsche Bank mirror trading and the Moldovan scheme.
- Who
- A7, Ilan Shor, Promsvyazbank and numerous banks and front companies are identified in the report.
- What
- A7 allegedly operated a global sanctions-evasion and money-laundering network that moved more than $6.9 billion.
- Where
- The reported transactions involved Russia, Kyrgyzstan, the United Arab Emirates, China, Hong Kong, Europe and other jurisdictions.
- When
- A7 was launched after Russia’s 2022 full-scale invasion of Ukraine; major Kyrgyz flows occurred in late 2024 and early 2025, while earlier mirror-trading activity occurred from 2011 to early 2015.
- Why
- The network was reportedly used to support Russian import payments and move funds internationally after restrictions limited major Russian banks’ access to Swift.
Investigators’ allegations
A7’s stated position
Purpose of the network
Investigators’ allegations
Financial Times and Wall Street Journal investigations described A7 as a state-backed sanctions-evasion network using front companies, fake invoices and banking intermediaries.
A7’s stated position
A7 was promoted as an alternative payment provider for Russian importers after restrictions on Swift, and the company says it handles a significant share of Russia’s foreign-exchange transactions.
Nature of the payments
Investigators’ allegations
The report says some transactions may have supported military or security-service procurement and that forged documents were used to pass anti-money-laundering checks.
A7’s stated position
A7 presents itself as a payment service for conventional civilian businesses; the article does not provide a detailed public response disputing each allegation.
Whether A7 replaced Swift
Investigators’ allegations
The Financial Times said A7 did not create a new system replacing Swift, but instead used established banks, front companies, cash and layered transactions.
A7’s stated position
Ilan Shor publicly described the system as “immune to sanctions,” emphasizing its ability to facilitate cross-border payments despite restrictions.
Key facts
- Reported funds moved
- More than $6.9 billion
- A7 founder
- Moldovan businessman Ilan Shor
- Russian banking backer
- Promsvyazbank, a state-owned Russian bank with ties to the defence sector
- Major Kyrgyzstan conduits
- Eldik, Aiyl and Eurasian Savings Bank
- Largest reported destination flows
- About $1.55 billion to Chinese banks and $1.81 billion to Hong Kong
- First Abu Dhabi Bank activity
- A7-linked companies reportedly transferred $1.3 billion in outgoing payments and conducted about $500 million in transactions with one another
- Earlier related scheme
- The so-called Moldovan scheme allegedly moved about $20 billion from Russia through Moldova to a Latvian bank
Sources
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