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An investigation by the International Consortium of Investigative Journalists describes how A7, a Russian cross-border payments company, uses cash collected at Moscow markets to fund transfers abroad. The reporting says the money moves through Promsvyazbank, cryptocurrency intermediaries in Kyrgyzstan and firms in other countries; the full scale and the response of authorities remain unclear.
An investigation by the International Consortium of Investigative Journalists (ICIJ) has described how Russia’s A7 payment service moves money for international transfers, starting with cash collected at Moscow wholesale and retail markets and routed through banks, cryptocurrency firms and overseas intermediaries. The report offers a detailed account of a payments network operating around Western sanctions, although its full transaction volumes and the legal status of every payment it handles are not established in the material provided.
ICIJ journalists said they reviewed internal company documents and spoke with sources to trace how funds enter A7’s network. The documents describe at least eight cash collection points, which A7 records call “departments.” Brokers take rubles from vendors, count and pack the cash into numbered bags, then send the bags with customer payment orders to an A7 processing center in Moscow. About 50 cashiers work there, according to the report.
The cash is then delivered to Promsvyazbank (PSB), which stores it and credits A7’s accounts. A7’s overseas structure is described as using intermediary companies in Kyrgyzstan to buy cryptocurrency through Grinex, an exchange linked to A7. The funds then pass to companies associated with A7 in other countries, often in the Middle East and Southeast Asia, where they are converted into local currencies and sent to recipients.
The report says A7 processed at least 58 metric tons of cash in one month at its peak. That figure describes the weight of cash, not its monetary value, and the supplied reporting does not specify the month or provide a baseline for comparison. The article also cites earlier reporting that A7 is the largest player in Russia’s shadow payments market, but estimates of its share differ: one source put it at about 15% of cross-border transfers, while the company claimed 19%.
How A7 Moves Payments Abroad
The account matters because it shows how cash collection, domestic banking and cryptocurrency can be combined to maintain cross-border payment channels when conventional routes are restricted. Russian companies seeking to pay overseas suppliers may have difficulty using banks cut off from SWIFT or subject to sanctions. A7’s described network offers an alternative route, with funds passing through several jurisdictions before reaching recipients.
That structure can make it harder for banks and other institutions to identify where a payment originated, according to an expert quoted in the investigation. The reporting also raises questions for sanctions enforcement: if a chain obscures the original source of funds, authorities may face greater difficulty tracing transactions. The investigation does not, by itself, establish that every A7 transfer violates sanctions or that every recipient is involved in prohibited trade.
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A7’s Place in Russia’s Payment Market
Restrictions imposed after Russia’s full-scale invasion of Ukraine, including measures affecting Russian banks and payment systems and their access to SWIFT, helped create demand for informal or less transparent cross-border services. Earlier reporting by the investigative outlet Proekt identified A7 as a major intermediary in that market. The source material says Proekt’s sources considered it the largest operator, while estimates of its market share varied.
A7 is owned by Moldovan businessman Ilan Shor, who holds a controlling stake, and PSB, a Russian state-owned bank, which owns the remaining 49%, according to the report. The state development corporation VEB.RF is described as providing support. Proekt also reported that A7 clients included at least 25 Russian companies under U.S. and EU sanctions, including five involved in manufacturing or supplying combat drones. Those client findings are attributed to Proekt and do not establish the details or legality of any individual transaction.
ICIJ’s reporting adds operational detail to the earlier account by tracing the network from Moscow markets to foreign intermediaries. Sadovod, the largest market mentioned, is known for cash transactions and has many vendors and workers from Commonwealth of Independent States countries. A source familiar with the situation told ICIJ that the market provides a large customer base.
““Sadovod is simply a big client base.””
— A source familiar with A7’s operations, speaking to ICIJ
Questions About Scale and Oversight
The supplied reporting does not identify the month in which A7 handled at least 58 metric tons, state the cash’s monetary value or explain how that single-month peak compares with other periods. The company’s reported share of cross-border transfers is also a claim rather than a verified market-wide measurement, and the competing estimates cited by Proekt use different sources.
It is not clear from the material how many transfers in the network have been examined by regulators, what proportion of payments reach sanctioned entities, or whether authorities have taken enforcement action against the specific arrangements described. The reporting also does not establish that all transactions routed through Kyrgyzstan or other intermediary countries are unlawful. A separate allegation that Roman Abramovich may have had an undisclosed role in A7 was reported by Proekt; his representatives denied his involvement.
Further Scrutiny of Payment Routes
The reporting lays out a route that investigators and financial institutions may scrutinize: market cash collection, PSB accounts, cryptocurrency purchases in Kyrgyzstan and transfers through third-country firms. The source material does not announce a specific regulatory action or deadline. Any next steps by authorities, banks or the companies involved remain unconfirmed.
Further reporting or official disclosures would be needed to establish the network’s current volume, identify particular transactions and clarify how the relevant jurisdictions oversee the intermediaries. A7’s response to the operational findings is not included in the supplied material, so its position on the investigation’s account remains unclear.
Key Questions
What is A7?
A7 is a Russian cross-border payments company described in the reporting as a major operator in the shadow payments market. It is owned by Ilan Shor and Promsvyazbank, according to the source material.
How does the reported transfer process work?
According to ICIJ’s review of documents, brokers collect and bag rubles at Moscow markets, send them to an A7 processing center, and deposit the cash with Promsvyazbank. Intermediaries then use cryptocurrency and companies in other countries to convert and forward funds to recipients.
What does the 58-metric-ton figure mean?
The source says A7 processed at least 58 metric tons of cash in a single month at its peak. It does not identify the month or give the money’s value, so the figure cannot be used to calculate a transaction total or growth rate.
Does the report prove that every A7 transfer breaks sanctions?
No. The investigation describes a payment network operating around restrictions and reports that some A7 clients are sanctioned companies. The material does not establish that every transfer is unlawful or provide the legal status of each transaction.
Source: rss
