US sanctions Russia-backed payment network A7, freezing its US assets

The US has sanctioned the Russia-backed payment network A7, freezing its US assets and designating it a transnational criminal organisation. According to the FT, the network moved almost $7bn through global banks and is accused of helping Iran and its proxy groups evade western sanctions.

• US freezes A7's assets in the United States
• Network designated a transnational criminal organisation
• A7 moved almost $7bn through global banks
• Accused of helping Iran evade western sanctions