Kremlin's A7 network uses shell firms and crypto to dodge sanctions

A financial network called A7, founded in Kyrgyzstan and backed by Moscow, is helping Russia evade Western sanctions by processing payments and issuing a stablecoin called A7A5. The network is masterminded by Moldovan fugitive Ilan Shor. A7 uses shell companies in at least 20 countries, including Hong Kong and Turkey, to obscure Russian funds and move over $6.9 billion through international banks. It also falsifies invoices to disguise military components as innocuous goods and uses cryptocurrency to conceal the origin of payments. The scheme operates with the knowledge of Russia's FSB, which tolerates it because elites benefit from importing luxury items. Other loopholes include European banks like Raiffeisen and UniCredit, which continue processing transactions for Russian clients.