FT: Shor-run network channeled $2B in Rosneft funds to dodge curbs
Billions of dollars in foreign revenue from Russian oil giant Rosneft flowed through a Kremlin-backed shadow payment corridor managed by fugitive Moldovan oligarch Ilan Shor, a Financial Times investigation revealed.
The scheme combined cryptocurrency transactions, front companies, and forged trade records to bypass Western sanctions, bankrolling strategic imports and Russia’s military logistics in Ukraine.
Front companies and cover stories
Leaked internal records from Moscow’s A7 platform—which hosts the ruble-pegged A7A5 cryptocurrency—show that Rosneft-linked intermediaries funneled more than $2 billion through the system. Set up to replace SWIFT access for Russian entities, A7 handled transactions for small businesses as well as state-linked conglomerates.
The network operated through roughly 200 shell companies registered under proxy individuals. Through these entities, A7 processed cross-border SWIFT transfers on behalf of Russian buyers, replenishing foreign accounts with export earnings in United Arab Emirates dirhams supplied by 16 Rosneft affiliates.
To evade detection by international regulators, operators created elaborate “cover stories.” The platform systematically falsified shipping manifests and trade declarations, listing phantom destinations such as Algerian ports and mislabeling cargo as fuel oil or grain.
Crypto settlements and global flows
A pivotal currency supplier was Coral Energy, later rebranded as 2Rivers, which is currently subject to Western sanctions. Entities tied to the trading group transferred foreign currency into A7’s offshore accounts while receiving rubles in Russia, primarily through state-owned Promsvyazbank.
Internal files indicate that Coral executed tens of millions of dollars in transfers daily, providing two-thirds of the foreign exchange secured by A7 in June 2025. Shor personally met with Coral representatives to settle transactions using the dollar-pegged stablecoin USDT.
A7’s total international turnover reached $500 million per day, processed predominantly in Chinese yuan, alongside US dollars, euros, and dirhams. Other liquidity providers included major grain traders, steelmaker Evraz, and planned reserves of $12 billion in yuan from Rosneft.
Coral denied any involvement in A7 or illicit financial operations, stating it halted commercial activities following British sanctions in December 2024. Evraz’s UK division said sanctions had barred it from operating since 2022, while its Russian arm declined to comment. Rosneft, Sibur, and Gazprom did not respond to requests for comment.
Translation by Iurie Tataru
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