Russia's A7 payment platform denies links to Iran after US sanctions

MOSCOW, Oct 2 - Russia's A7 payment platform, ​sanctioned by the US for ​helping Iran evade sanctions ‌as part ​of President Donald Trump's operation Economic Outcast, denied any links to Iran in a statement ‌on Friday. The US Treasury Department said on Thursday it was prohibiting any transactions with A7 and its sub-agents, calling the company "a significant transnational criminal ‌organisation" and expanding previously imposed sanctions to the whole network.

A7, set up ‌in 2024 by the defence sector-focused bank PSB, has become the leader in Russia's cross-border payments market as the country seeks to develop alternative payment systems ⁠with its main ​trading partners, ⁠such as China and India, spanning cryptocurrency, gold, and non-Western currencies. "A7 categorically rejects any ⁠allegations that it has worked with Iran or terrorist organisations," the company ​said in a statement.

It added that it was providing "uninterrupted payment settlements for ⁠the Russian market, which has been subjected to unlawful restrictive measures". The U.S. Treasury Department ⁠said ​A7 had built a global network of affiliated companies "to disguise payments linked to sanctioned sectors and persons as ordinary commercial activity".

It ⁠added that the network had been leveraged by Iran, including the country's ⁠elite Islamic ⁠Revolutionary Guard Corps. The company said it was servicing "legitimate import and export operations involving consumer goods and commodities".