A7 Payment Platform Linked to Russian Oligarchs for Sanctions Evasion

A7, a payments company founded in 2024, is implicated in a sanctions evasion scheme involving Russian oligarchs, including Roman Abramovich. An investigation by Proyekt reveals that A7 has become a dominant player in cross-border transactions, accounting for 15% of such activities. The platform utilizes a ruble-backed stablecoin, A7A5, to facilitate transactions that circumvent Western sanctions imposed on Russia due to its actions in Ukraine. A7's ownership is tied to fugitive businessman Ilan Shor and the sanctioned PSB bank. Notably, at least 25 sanctioned Russian companies are reported to be clients of A7, with some linked to military operations. Abramovich's representative denies any connection to A7, despite claims from sources that he acts as a sponsor for the platform. The investigation highlights the challenges Western officials face in tracking and enforcing sanctions against such entities.

Key Points: • A7 accounts for 15% of cross-border transactions, facilitating sanctions evasion. • The platform is linked to high-profile Russian oligarchs, including Roman Abramovich. • At least 25 sanctioned companies are using A7 for financial transactions.