# Russian FinTech Moves $6.9 Billion Through Global Banks

> A7, a Kremlin-backed Russian FinTech, laundered over $6.9 billion using forged invoices and global bank networks despite sanctions.
- Title: Russian FinTech Moves $6.9 Billion Through Global Banks
- Summary: A7, a Kremlin-backed Russian FinTech, laundered over $6.9 billion using forged invoices and global bank networks despite sanctions. A7 used industrial-scale…
- Keywords: russian fintech, swift, money laundering, promsvyazbank, ilhan shor, moldovan oligarch, sanctions, cross-border payments, jpmorgan chase, standard chartered, citigroup, Russian
- Source: Pymnts — https://pymnts.com/news/banking/2026/russian-fintech-allegedly-laundered-6-9-billion-via-global-banks
- Author: PYMNTS
- Published: 2026-09-22T10:50:50+00:00
- Read time: 1 min
- Topics: a7, russian fintech, swift, money laundering, promsvyazbank, ilhan shor, moldovan oligarch, sanctions, cross-border payments, jpmorgan chase, standard chartered, citigroup
## A7's Money Laundering Scheme
A7, a Kremlin-backed Russian FinTech, moved over $6.9 billion through global banks using forged invoices despite sanctions.

> the new data here really shows that the true scale of A7's money-laundering network is much bigger than anyone had previously realized.
## How A7 Operated
A7 used front companies to deposit cash into Swift, then paid Russian businesses overseas with forged invoices.
## Banks Involved
A7 held accounts with Standard Chartered, JPMorgan Chase, and Citigroup, all citing anti-money laundering controls.
## Kremlin Backing
A7 was founded by Moldovan oligarch Ilan Shor with Russia's Promsvyazbank, a defense-linked state bank.
## Chinese Bank Destination
Over half of A7's flows ended at Chinese bank accounts, bypassing sanctions through forged invoices.
## Key takeaway

A7 used industrial-scale forgery to move billions through Swift despite sanctions, with Chinese banks as key recipients.