Russian-backed fintech A7 moved $6.9 billion through global banks

A Russian state-backed fintech company, A7, moved more than $6.9 billion through the international banking system using an industrial-scale document forgery operation to bypass sanctions. According to leaked internal files, the network utilized front companies and counterfeit invoices to pass compliance checks and maintain access to the SWIFT system.

A7 was launched in October 2024 by Promsvyazbank, a sanctioned Russian military bank, with backing from VEB.RF. The operation involved major global financial institutions; Standard Chartered reportedly received $1.1 billion from A7-linked entities in Hong Kong between late 2024 and August 2025. Other banks named in the investigation include Citigroup, Deutsche Bank, JPMorgan, and DBS.

Some identified payments were linked to sensitive war-related procurement, including military hardware and security services. The company is led by Ilan Shor, a Moldovan fugitive previously convicted of a large-scale banking fraud in Moldova.