The US Department of the Treasury has imposed sanctions on the A7 network — a shadow banking system linked to Russia.
According to the department’s website, the Iranian regime, the Islamic Revolutionary Guard Corps, Iran-backed militants and other sanctioned individuals actively used the network to carry out illicit financial operations and circumvent restrictions.
The Office of Foreign Assets Control (OFAC) has designated A7 as a transnational criminal organisation. The network is run by convicted fraudster Ilan Shor. The organisation created an extensive system of sub-agent companies around the world. They falsified trade documentation to pass off illicit payments as ordinary commercial activity. According to the network’s own figures, by early 2026 it was processing more than 2,000 transactions a day with a total value of over 7.5 trillion roubles (about $91.5bn).
A7 was used, among other things, to sell Iranian oil via a “shadow fleet”, procure weapons, service cybercriminals and transfer funds through Iran’s largest cryptocurrency exchange, Nobitex. From January 2025 to June 2026 alone, its sub-agents carried out transactions worth more than $17bn, the US Treasury said.
Under the new restrictions, the US plans to ban fund transfers involving A7 sub-agents and to warn banks about suspicious activity. At the same time, OFAC has blocked all assets of the network and its companies within US jurisdiction, and has also prohibited US citizens and financial institutions from conducting any transactions with them.