MOSCOW (Reuters) -Russian company A7, created by the defence sector-focused bank PSB to facilitate payments in Russia's international trade, said on Wednesday that new EU sanctions will not disrupt
A7 Assures Clients Amid EU Sanctions on Russian Payments Firm
MOSCOW (Reuters) -Russian company A7, created by the defence sector-focused bank PSB to facilitate payments in Russia's international trade, said on Wednesday that new EU sanctions will not disrupt its work and it will carry out all planned payments for its clients.
The EU Council imposed sanctions on A7 on Tuesday, saying that the company was used to transfer money to Moldovan voters to influence the presidential elections and a referendum on EU accession held in 2024.
Russia denied meddling in Moldova's elections.
The company is partly owned by pro-Russian Moldovan businessman Ilan Shor, who was sentenced in absentia to 15 years on graft charges in his native Moldova and is now living in Russia.
The EU says the sanctions prohibit providing funds to A7 and freeze its assets. In an emailed statement, the company said it was operating as usual.
"Our payment infrastructure is designed in such a way that sanctions cannot affect the fulfilment of our obligations. Therefore, clients and partners of A7 can be confident that all agreements will be fully executed," the company said.
A7 has been playing a growing role in Russia's system of alternative means of international trade payments as traditional bank transfers stalled due to Western sanctions, which cut Russia off from the SWIFT international payment system.
On its website, the company says it can handle payments in U.S. dollars, euros, Chinese yuan, and UAE dirham.
(Reporting by Moscow bureau; Writing by Gleb Bryanski; Editing by Alison Williams)
