Russian firm launches ‘world’s first’ crypto-to-bank payment service

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Key takeaways

Russian fintech firm A7 launched a global crypto-to-bank payment service.
Customers pay using USDT while recipients receive conventional bank transfers via SWIFT.
The expansion follows recent US sanctions accusing A7 of helping Iran evade financial restrictions.

Russian fintech company A7 has launched the world’s first global payment service that allows customers to make cross-border transactions using cryptocurrency, expanding its reach beyond Russia despite Western sanctions.

Unveiled on Tuesday, the new service, called A7 International, allows customers to pay using USDT, a cryptocurrency pegged to the US dollar, while recipients receive conventional bank transfers through SWIFT without having to handle cryptocurrency themselves.

According to the company, payments are available in US dollars, euros, Chinese yuan and UAE dirhams and carry a commission of 0.3%. Transfers can take as little as one business day.

Global payment demands

“The key demand among market participants today is the ability to transfer money around the world in just a few clicks, as quickly as possible,” said Pyotr Fradkov, chairman of Russian bank Promsvyazbank, which established A7.

Customers can access the service online after verifying their identity and submitting an invoice. It is available in countries where cryptocurrency transactions are permitted under local law.

A7 was established in 2024 in response to US and EU financial sanctions in 2022 that cut most Russian banks off from the SWIFT international financial messaging network.

Scale of operations

The firm initially focused on foreign trade payments for Russian businesses but has since expanded its operations to more than 100 countries. It currently serves around 15,000 companies and processes over 2,000 transactions daily. According to the company, payments handled through its system exceeded 10 trillion rubles ($125 billion) in 2025.

Fradkov has previously said that A7 was intended not only to reduce dependence on Western financial infrastructure but also to facilitate trade between countries without Russia being involved. He argued that the sanctions have demonstrated how Western financial instruments “can be a tool for political pressure and influence.”

The expansion comes shortly after Washington imposed additional sanctions on A7, accusing it of helping Iran evade financial restrictions and facilitating transactions linked to Tehran-backed groups designated as terrorist organizations by the US.

A7 has rejected the allegations as a “blatant lie and slander,” insisting that it has never handled transactions involving the entities cited by Washington and that the restrictions would not affect its operations.

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