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When Russia launched its full-scale invasion of Ukraine in 2022, one of the big measures taken by the western allies of Kyiv was to cut Russia off from the global financial system. The idea was that if Russia could not pay bills abroad it would struggle to import essential goods it needed to prosecute the war.
In response, Russia built A7.
The FT has had access to an unprecedented leak that reveals the inner workings of A7. The group promises to be a new way of doing banking. But actually, it’s a huge money-laundering factory that managed to move billions of dollars through traditional banks, explains the FT’s Chris Cook.
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