Financial Times Investigation Traces $6.9bn in A7-Linked Payments Through Global Banks

Key Facts

A Financial Times investigation based on leaked files from Russian payments company A7 found that the network moved more than $6.9 billion through the international banking system. The investigation said A7 used shell companies, forged records and false invoices to conceal the payments' Russian links and evade sanctions controls.

The leaked data indicate that Standard Chartered accounts in Hong Kong received $1.1 billion from A7-linked entities between late 2024 and August 2025, while Citigroup clients received about $74 million over the same period. Those figures describe the path of the funds; they do not establish that either bank knew of the network's true connection.

The mechanism relied on shell companies depositing money into accounts connected to SWIFT and using fabricated invoices and customs descriptions to justify payments by Russian companies abroad. That places detection pressure on the sending and receiving banks' customer checks and transaction monitoring: a payment may pass before its sanctioned connection emerges if the supporting records appear legitimate.

The UK sanctioned A7 in May 2025. HM Treasury and the National Crime Agency then issued an industry-wide alert about the network on August 31, 2026, describing it as Kremlin-backed and reliant on third-country financial institutions to complete cross-border transactions and circumvent sanctions.

Reporting on the investigation says Standard Chartered identified concerns about some transactions and later closed recipient accounts, while the named banks said they comply with anti-money-laundering reporting duties without discussing individual transactions. For investors, the financial risk does not arise merely because payments passed through a bank; it would arise if later reviews identified control failures leading to penalties, additional compliance spending or reputational damage.