Financial Times investigation: Ilan Șor’s network circumvented Russia’s sanctions through shell companies and forged documents

A financial company created at the end of 2024 by fugitive Moldovan oligarch Ilan Șor, with the support of Russian state-owned bank Promsvyazbank, allegedly funneled at least $6.9 billion into the international banking system to facilitate payments by sanctioned Russian companies, the Financial Times reveals.

A7, established in Russia and Kyrgyzstan, was promoted by the Kremlin as a mechanism for cross-border payments after some Russian banks were excluded from the SWIFT system. According to internal documents analyzed by the FT, the scheme used more than 100 shell companies in the United Arab Emirates, Hong Kong, Kyrgyzstan, Indonesia and other countries.

The money was transferred through seemingly independent accounts, while invoices and commercial documents were fabricated to justify the transactions. In one case, 500 night-vision sights worth approximately $510,000 were described in official documents as safety glass.

More than half of the identified flows were destined for China. The network used accounts at institutions including Standard Chartered, DBS, Citi and First Abu Dhabi Bank, without the FT claiming that they knowingly participated in the scheme. Some banks requested explanations or closed accounts.

The documents also mention payments for Russian military equipment and security services. London has sanctioned Șor since 2022 for his involvement in Moldova’s bank fraud and later sanctioned entities associated with his activities.