Last Updated on September 23, 2026 by TMB
A recent investigation has named A7, a fintech company controlled by the Kremlin, as a key figure in several exploitative transactions that funnelled billions of dollars via the international banking system to Russian state companies.
According to an investigation reported by the FT, A7 used forged documents and front companies to channel over $6.9 billion to avoid compliance checks and sidestep sanctions.
How A7 Avoided Detection
A7 was set up to create an alternative to major Western payment options. However, according to leaked documents, A7 still used the SWIFT network, gaining access via these front companies. Reports state it used a complex forgery operation with fake invoices to keep the subterfuge undetected, enabling several transactions linked to acquisitions by the Russian military and other security agencies.
The investigation found that 17 entities linked to A7 with First Abu Dhabi Bank accounts sent more than $1.8 billion in payments, while other amounts related to A7 entities moved through accounts at DBS, JPMorgan, Deutsche Bank, and Citigroup. In addition, a few accounts at Standard Chartered in Hong Kong saw inbound transactions worth $1.1 billion. The report also shows that the forged documents used for several of these transactions included invoices with manipulated descriptions, along with custom codes that successfully passed through anti-money laundering measures.
Some of the affected banks have responded. For instance, DBS said it has taken “appropriate actions consistent with its controls” regarding one of the accounts mentioned by FT. First Abu Dhabi also said it had identified and shut down all the related accounts mentioned in the report. The bank said that it “takes appropriate action and engages with the relevant authorities where matters of potential concern are identified.”
Other institutions like JPMorgan, Deutsche Bank, Citigroup, and Standard Chartered assured their commitment to fighting money laundering. However, these institutions preferred not to comment specifically on the investigation.
Similar Report from the OSC
A June report from UK-based non-profit The Open Source Center (OSC) reached similar conclusions about A7. In its report, the OSC stated that A7 “relied heavily on traditional banking” for many of its transactions. According to the OSC, A7 is run by Moldovan fugitive Ilan Shor, who was involved in a billion-dollar bank heist in 2014. Although Shor described A7 as invulnerable, these reports show that A7 still relies on traditional banking channels to carry out its transactions, contrary to general belief. OSC also added that Kyrgyzstan could be involved:
“By leveraging the state-owned Trading Company of the Kyrgyz Republic (TKKR), the A7 Network maintained access to the world’s major currencies, largest banks and payment channels via Bishkek, all with top cover from Kyrgyzstan’s senior politicians.
So far, the Kremlin has not responded officially.
