A7 International Payments of Russia Announces Global Expansion Plans Despite Sanctions
A7's Global Strategy and Response to Sanctions
By Gleb Bryanski
CEO Ilan Shor's Perspective on Sanctions
ST. PETERSBURG, Russia, June 4 (Reuters) - Russian international payments company A7 is planning a global expansion and is undeterred by Western sanctions, its CEO and part-owner, pro-Russian Moldovan businessman Ilan Shor, told Reuters.
"As you can see, we are trying to work, and we are working. That is, we have many sanctions imposed, but nevertheless, we continue to work because we must ensure, first and foremost, the freedom and ability for Russian businesses to move funds," Shor said on the sidelines of Russia's biggest economic forum in St. Petersburg.
"A7 plans to operate everywhere," Shor said.
Russia's Alternative Payment Systems
Hit by Western financial sanctions over the war in Ukraine, Russia has been developing alternative payment systems with its main trading partners, such as China and India, using cryptocurrency, gold, and non-Western currencies.
The Rise of A7 in the Russian Market
A7, established in 2024 by the defence sector-focused bank PSB, has since become the leader in Russia's cross-border payments market. The company is under European Union and U.S. sanctions and does not disclose its operational methods.
Marketing and Public Presence
The company, which kept a low profile during the early months of its existence, launched a massive advertising campaign across Russia with billboards promising money transfers to China within four hours.
A7 has a significant presence at this year's economic forum in St. Petersburg with a glitzy stand featuring a giant 'matryoshka' doll, a traditional Russian wooden doll with others of decreasing sizes placed one inside another.
Future Outlook and Hopes for Sanction Relief
"We believe that the illegally imposed sanctions will be lifted at some point, as we will overcome this," Shor said.
(Reporting by Gleb Bryanski; Editing by Emelia Sithole-Matarise)
