A Russia-backed financial network allegedly laundered over $6.9 billion through the global banking system despite Western sanctions, according to a report by the Financial Times. The network, known as A7, is a state-backed cross-border payment system designed to help Russian businesses and military entities bypass financial restrictions.
To gain access to the SWIFT system, A7 reportedly relied on a network of front companies and current businesses. The firm allegedly hid these techniques through a broad forgery operation, creating counterfeit invoices to facilitate transactions.
The report indicates that between late 2024 and August 2025, accounts held at Standard Chartered in Hong Kong received $1.1 billion from A7-associated organizations. DBS Group Holdings in Hong Kong was transferred $273 million, while Citigroup clients received $74 million during the same period. Clients of Deutsche Bank AG in Europe were sent about $18 million.
A7 reportedly created accounts at UAE’s First Abu Dhabi for 17 separate entities, which sent over $1.8 billion in payments. The firm also set up accounts at JPMorgan Chase & Co. and DBS.
Regarding the financial markets, shares of Citigroup closed +2.49% higher at $135.05 on Monday, while JPMorgan Chase saw its stock climb 0.68% to close at $352.04 on the same day.
