58 tonnes of cash a month: that is how much Russia’s sanctions-busting cross-border payment system A7 processes. It collects the money at Moscow’s Sadovod market

58 tonnes of cash a month: that is how much Russia’s sanctions-busting cross-border payment system A7 processes. It collects the money at Moscow’s Sadovod market

The imposition of sanctions on Russian banks and payment systems, as well as their disconnection from SWIFT after the start of the full-scale war against Ukraine, led to the emergence of shadow agents offering Russians cross-border transfer services. The largest such agent is A7, a company owned by Moldovan businessman Ilan Shor, who was convicted in Moldova of fraud and embezzlement.

Journalists from the International Consortium of Investigative Journalists (ICIJ) found that most payments reach A7 structures thanks to hundreds of tonnes of cash rubles accepted from individuals and companies at several Moscow wholesale and retail markets, including the largest one, Sadovod. Here is how the scheme works.

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58 tonnes of cash a month: that is how much Russia’s sanctions-busting A7 payment system processes

The imposition of sanctions on Russian banks and payment systems, as well as their disconnection from SWIFT after the start of the full-scale war against Ukraine, led to the emergence of shadow agents offering Russians cross-border transfer services. The offices of many of them are located…