The supervisory council of Russia's A7 payment network now includes three senior officials, following a U.S. sanctions designation and a FinCEN proposal on fund transfers involving subagents.
The Russian government press office announced that First Deputy Prime Minister Denis Manturov, Finance Minister Anton Siluanov and Energy Minister Sergei Tsivilev had joined the council. Kommersant reported that it is a forum for government and business representatives to consult on economic, financial and technology issues. Manturov chaired its first meeting Thursday, Oct. 15, which Siluanov and Tsivilev attended.
Reuters traced A7's establishment to Promsvyazbank (PSB) in 2024, when the bank set it up to help Russian businesses pay overseas partners. A7 estimates that alternative channels carry as much as 80% of payments for Russian foreign trade.
RBC quoted PSB Chairman Pyotr Fradkov in August saying transactions involving the A7 Network-linked A7A5 stablecoin had brought cumulative turnover to nearly $140 billion. For February 2025 through June 2026, the Financial Crimes Enforcement Network (FinCEN) said more than 180 entities processed A7A5 transactions worth at least $179.1 billion. Fradkov gave a cumulative figure, while FinCEN reported activity over a defined period. FinCEN also said Kyrgyzstan-based Old Vector LLC issues A7A5, which is backed by ruble deposits at PSB.
The Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned the A7 Network on Oct. 1 and designated it a significant transnational criminal organization. Treasury alleged that the network helped Iran evade sanctions and said affiliated firms hid links between some payments and sanctioned industries or individuals. Treasury said the action built on its 2025 designations of A7 Network entities.
FinCEN's proposal would prohibit certain fund transmittals by covered financial institutions involving transactions with A7 Network subagents. The public-comment deadline is Nov. 4, 2026.
