Russian Fintech A7 Routs Billions Through Global Banks via Shell Networks

The Russian fintech company A7 has routed at least $6.9 billion through the international banking system using a network of shell companies and forged documents designed to conceal the origin and destination of the funds, according to a Financial Times investigation based on hundreds of thousands of leaked internal documents. Some of the exposed payments were linked to purchases of military equipment and the needs of Russian security services.

A7 was established in late 2024 by Moldovan businessman Ilan Shor with the backing of Russia's state-owned Promsvyazbank. The company was presented as an alternative payment solution after Russian banks were cut off from the SWIFT system following the full-scale invasion of Ukraine in 2022. According to the leaked documents, A7 utilized legitimate banks and companies in various countries to transfer funds internationally.

Mechanism of Evasion and Shell Companies

The scheme relied on a broad network of shell companies in jurisdictions including the United Arab Emirates, Hong Kong, Kyrgyzstan, and Indonesia. Invoices and documents were extensively forged to portray transactions as routine commercial activities, masking links to Russia to bypass anti-money laundering controls.

"The investigation highlights how alternative payment systems continue to exploit vulnerabilities in traditional global finance," financial analysts noted.

Among the financial institutions linked to the capital flows are Deutsche Bank and First Abu Dhabi Bank. Hong Kong-based accounts received roughly $1.1 billion from entities tied to A7 between late 2024 and August 2025, while over $1.8 billion in outgoing payments passed through entities dealing with First Abu Dhabi Bank. The institutions stated they identified suspicious activity in certain cases and took mitigating actions, including closing accounts.