Amid ongoing escalation with the Islamic Republic of Iran, U.S. authorities are increasingly targeting entities associated with pro-Kremlin Moldovan politician Ilan Shor as part of Operation Economic Outcast. The Treasury Department imposed sanctions on the Russia-linked A7 shadow banking network on October 1, accusing it of using offshore companies and falsified trade documents to help Iran’s Islamic Revolutionary Guard Corps and other sanctioned actors move money across borders.
“Treasury is dismantling the financial infrastructure that allows Iran and other adversaries to evade sanctions, move illicit funds, and undermine the integrity of the global financial system,” said Secretary of the Treasury Scott Bessent. “Today’s action targeting A7 continues Treasury’s unprecedented efforts to isolate Iran and its financial enablers and sends a clear message that if you facilitate illicit finance for America’s adversaries, you will lose access to the U.S. financial system.”
The Office of Foreign Assets Control (OFAC) designated the Russian fintech company as a transnational criminal organization. Treasury’s Financial Crimes Enforcement Network (FinCEN) separately proposed restrictions on transfers involving the network’s intermediaries, which it calls “Sub-Agents.”
FinCEN said those entities processed more than $17 billion in transactions between January 2025 and June 2026. That figure represents their aggregate activity, not a finding that the entire amount went to Iran.
A7 denied the allegations in an Oct. 2 statement reported by Reuters. “A7 categorically rejects any allegations that it has worked with Iran or terrorist organisations,” the company said. It described its business as lawful imports and exports of consumer goods and commodities and said payment services continued without interruption.
The intermediaries are central to the government’s allegations. A customer supplies A7 with information needed to pay a supplier. A7 then assigns another company to appear as the contracting or paying party on invoices and payment instructions, according to a FinCEN alert. Payment comes from a non-Russian account, obscuring the sanctioned customer’s involvement and making the transaction appear to be ordinary trade.
FinCEN said A7 forms, acquires, or partners with companies in jurisdictions including Hong Kong, the United Arab Emirates, and the Kyrgyz Republic. By June 2026, its intermediaries held accounts at approximately 435 financial institutions across at least 83 countries.
Among the intermediaries identified in the proposed rule is Power Sphere LLC-FZ, a Dubai-based supplier. FinCEN said it processed $61 million in illicit funds tied to Russian trade-based money laundering and energy-sector procurement between September 2023 and July 2025.
Treasury cited several transactions behind its allegations of Iranian ties. One intermediary and a sister company received nearly $140 million from entities involved in Iranian sanctions evasion, the department said. That intermediary dealt with entities connected to Iran’s oil-shipping “shadow fleet.” A separate intermediary transferred approximately $1.6 million to a company linked to Iranian sanctions evasion and weapons procurement, Treasury said.
The action expands earlier sanctions. In August 2025, Treasury designated A7 LLC and subsidiaries A71 and A7 Agent, identifying their owners as Ilan Shor and Russian bank Promsvyazbank, both previously sanctioned. Treasury cited A7 LLC’s support for the sanctioned cryptocurrency exchange Garantex.
That action targeted Old Vector, the Kyrgyzstan-based issuer of A7A5, a ruble-backed digital token created for A7 customers. Treasury said the token helped Garantex customers regain access to funds after a law-enforcement disruption of the exchange.
Under the Oct. 1 designation, A7 network property in the United States or held or controlled by U.S. persons is blocked and must be reported to OFAC. U.S. persons generally cannot transact in that property unless authorized or exempt.
FinCEN flagged newly formed companies handling unusually large transaction volumes and paperwork inconsistent with a supplier’s business. It cautioned that no single warning sign establishes illicit or suspicious activity.
FinCEN would distribute a list of identified intermediaries through a secure portal, with covered financial institutions prohibited from processing certain transfers involving those companies. The agency said keeping the full list confidential would make it harder for A7 to sidestep restrictions by creating new intermediaries.
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