As the West tightens economic sanctions on Moscow, a new financial system has emerged with Kremlin support. Central to this operation, which moves billions of dollars using Monopoly-like methods, is Ilan Shor (also Șor), a fugitive oligarch from Moldova, according to a Financial Times investigation.
Ilan Shor has been convicted in the Republic of Moldova for his key role in embezzling nearly one billion dollars from Moldovan banks. Following his conviction, he fled to Russia, where he collaborated with other Moldovan politicians aligned with the Kremlin to attempt to destabilise pro-European governments in Chisinau through acts of violence and electoral manipulation. Despite significant financial investment, these efforts were ultimately unsuccessful.
Shor is currently serving as a key player in Moscow’s strategy to circumvent international sanctions while facilitating capital flows, particularly given the exclusion of most Russian banks from the SWIFT messaging system. Notably, the A7 company, established in late 2024, is not merely a financial intermediary; it represents a strategic initiative developed by Promsvyazbank—a vital institution within the Russian defence sector—in partnership with Ilan Shor, according to the Financial Times.
One of the most unconventional yet innovative strategies utilised by A7 involves the production of imitation Russian banknotes. While these colourful coupons may resemble Monopoly money, they have a genuine value, approximately $5,000.
The process consists of three key steps that effectively circumvent traditional bank monitoring: 1. Purchase: Russian tourists or companies acquire these “tickets” within Russia. 2. Activation: Once abroad, particularly in prominent financial centres such as Dubai or Istanbul, the user scratches off a protective layer—similar to that of a scratch card—to reveal a QR code. 3. Conversion: The QR code is subsequently transmitted to a Telegram bot, and a designated agent meets with the holder to facilitate the exchange for cash in the local currency (either dirhams or dollars).
This method exemplifies the resourcefulness employed to navigate financial systems while remaining discreet.
A7 significantly influences Russia’s war economy, processing $98 billion in transactions during its first six months. By December 2024, it accounted for nearly 19% of Russian companies’ total foreign trade, according to the Financial Times investigation. Utilising both cash and blockchain technology, A7 and Promsvyazbank launched A7A5, a ruble-pegged stablecoin that has reportedly transacted over $100 billion.
Despite sanctions against Ilan Shor and related entities from the US, UK, and Europe, A7 continues to expand, opening offices in at least two African countries and planning to establish a presence in all major Russian cities. The significance of this project is underscored by Vladimir Putin‘s participation in the inauguration of an A7 office in Vladivostok. Furthermore, the Russian Ministry of Finance co-founded Rosveksel with A7 and Promsvyazbank to standardise promissory notes in international transactions, particularly with China.
Ilan Shor, labelled by Chisinau authorities as a tool of Russian hybrid warfare in Moldova, has emerged as a key figure in global financial evasion. By using shell companies in Kyrgyzstan and blending traditional methods like cash and promissory notes with cryptocurrencies, the A7 network highlights the Kremlin’s efforts to circumvent Western sanctions.
