How a Russian-backed network linked to 2 African countries moved $6.9 billion through banks using forged documents

A Russian-backed financial network with operations in Nigeria and Zimbabwe moved more than $6.9 billion through international banks using front companies and forged documents, according to a Financial Times investigation based on hundreds of thousands of leaked internal files.

• A Russian-backed financial network called A7 moved over $6.9 billion through global banks using front companies and forged documents.
• A7 exploited international banks, including Standard Chartered and Citigroup, to bypass Western sanctions imposed after Russia’s invasion of Ukraine.
• The network forged documents and disguised transactions, using companies in the UAE, Hong Kong, and Kyrgyzstan to mask Russian involvement.
• A7 expanded into Nigeria and Zimbabwe in September 2025, but the extent of its operations in these countries remains unclear.

The network, known as A7, was established in late 2024 by sanctioned Moldovan businessman Ilan Shor with backing from Russia’s state-owned Promsvyazbank, a bank closely linked to the country’s defence industry.

The FT found that A7 used a network of companies and bank accounts to help Russian businesses move money internationally despite Western sanctions imposed after Russia’s invasion of Ukraine.

“Standard Chartered, Citigroup and other international banks have handled billions of dollars from a Kremlin-backed fintech company that tricked its way into the global financial system with a vast document forgery operation,” the FT reported.

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The investigation found that A7-linked entities moved at least $6.9 billion through the international banking system.

Accounts at Standard Chartered in Hong Kong alone received $1.1 billion from A7-linked entities between late 2024 and August 2025, while First Abu Dhabi Bank handled more than $1.8 billion in outbound payments from 17 A7-linked entities.

How the forgery operation worked

A7 relied on front companies in jurisdictions including the United Arab Emirates, Hong Kong and Kyrgyzstan to gain access to banks connected to the SWIFT payment system.

When banks questioned transactions, A7 staff allegedly produced counterfeit invoices and other documents to create a legitimate-looking paper trail. The FT reported that employees altered descriptions of goods, customs codes and other transaction details to avoid triggering sanctions checks.

In one example, documents relating to the purchase of 500 night-vision scopes for a Russian client were allegedly disguised as transactions involving other goods.

The network also attempted to remove what its employees called the “Russian trace” from documents, including by eliminating Cyrillic characters.

Most of the money eventually flowed to Chinese bank accounts, while A7 also used Tether, a dollar-pegged cryptocurrency, to facilitate transactions.

A7’s African expansion

Nigeria and Zimbabwe became part of A7’s international expansion in September 2025, when the network announced its first public-facing African offices in Lagos and Harare.

The Centre for Information Resilience (CIR) said the offices were opened by Russian Deputy Finance Minister Ivan Chebeskov and Promsvyazbank Deputy Chairman Mikhail Dorofeev. Russia’s Foreign Minister Sergei Lavrov later said Nigeria and Zimbabwe had “already joined” the A7 platform.

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In Nigeria, CIR found that A7 appears to operate through local partner Pilot Finance. It also identified companies registered in Kyrgyzstan as A7 Africa and A7 Nigeria, with Nigerian businessman Chidiebere Emmanuel Ajaere listed as their owner.

In Zimbabwe, Finance Minister Mthuli Ncube was photographed at the A7 office opening alongside Russian Deputy Finance Minister Ivan Chebeskov and Russia’s ambassador to Zimbabwe, Nikolai Krasilnikov. Russian media also reported that Nigeria’s Finance Minister Wale Edun attended the Nigerian opening, but Edun told media that he did not attend, according to CIR.

The African offices therefore represent A7’s expanding footprint, rather than evidence that the $6.9 billion identified by the FT was specifically routed through Nigeria or Zimbabwe. While A7 continues to maintain an online presence through its website in Nigeria, the extent of its operations in both countries remains unclear.