US Treasury targets Russia-linked A7 banking network it says served Iran's shadow fleet

The US Treasury says it has acted against the A7 Network, which it describes as a Russia-linked shadow banking network used by Iran to evade sanctions. In a release on 1 October under Operation Economic Outcast, Treasury says OFAC designated the network as a significant transnational criminal organisation and FinCEN proposed barring fund transfers involving its sub-agents. Treasury says the network is led by Ilan Shor, whom it calls a sanctioned and convicted fraudster. According to the department, the sub-agents helped facilitate Iranian oil sales, and one dealt directly with entities in Iran's shadow fleet of tankers, shipping firms and front companies, receiving nearly $140 million from entities involved in Iranian sanctions evasion.

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