Russia Circumvents Sanctions with $7 Billion Through Western Banks

Russia has conducted transactions totaling nearly $7 billion through Western and Asian banks, circumventing international sanctions and disconnections from the SWIFT system. The funds were directed towards the procurement of dual-use goods for military and intelligence services. The scheme was organized by the crypto company A7, controlled by Moldovan oligarch Ilan Shor and the bank 'ProBusinessBank'. A7A5, issued by the company, has the status of a digital asset in Russia. To access SWIFT, a network of hundreds of shell companies in various jurisdictions was created, with 100 firms conducting transactions. Russia paid for technical equipment for military needs, including metalworking machines and night vision devices. Major banks through which the funds passed include First Abu Dhabi Bank ($1.8 billion), Standard Chartered ($1.1 billion), and DBS ($273 million). Smaller amounts were processed through Deutsche Bank and Citigroup. Banks began blocking suspicious accounts due to document forgery, and the UK imposed sanctions on A7 in May 2025. The volume of operations may be significantly higher, with data on 17,500 unidentified payments and promissory notes exceeding $20 billion.

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