The US Treasury has sanctioned the fintech network A7, designating it a transnational criminal organisation accused of helping Iran and its proxy groups evade Western sanctions.

The measures, announced on Thursday, also include a proposed Financial Crimes Enforcement Network rule that would block the transmittal of funds involving A7's broad network of subagents. A7 was founded by sanctioned Moldovan oligarch Ilan Shor with support from Promsvyazbank, a Russian state-owned bank already under US sanctions.

A7 claims to have processed 1,500 to 2,000 transactions daily and handled Rbs7.5 trillion — about $91.5 billion — over ten months. The EU and UK had already sanctioned the network, which Moscow promoted as an alternative to Western payment rails after its invasion of Ukraine.

Treasury Secretary Scott Bessent said the department is dismantling the financial infrastructure that lets Iran and other adversaries evade sanctions and move illicit funds.

The action matters because shadow finance keeps sanctioned economies running. Cutting the plumbing is slower than bombs — but harder to rebuild.