Documents obtained from a recent leak reveal that Michael Donald, a British payments industry executive, was named as a senior figure at VexPay, a fintech company tied to A7, an organization accused of facilitating sanction evasion for Russian importers. The documents, which include internal meeting minutes from August 2023, show discussions between Ilan Shor, a fugitive Moldovan oligarch who controls A7, and Donald regarding the development and operation of VexPay.
A7 has been identified by U.S., U.K., and EU authorities as a Kremlin-linked scheme that has allegedly moved $6.9 billion through conventional banking channels using front companies and fabricated documents. Its purpose has been to help Russian importers bypass the extensive sanctions introduced following Russia’s 2022 invasion of Ukraine. Last week, the U.S. designated A7 as a “transnational criminal organization,” describing it as a money laundering network connected with illicit actors, including Iranian proxies.
The leaked materials indicate that A7 played a significant role in establishing VexPay, which is owned by Processing KG, a payments group under the Kyrgyz Republic’s Ministry of Finance. Meeting minutes from 2023 reveal that Shor chaired sessions detailing plans for VexPay, presenting it as an “alternative to Swift” to Kyrgyz officials. The documents suggest Shor was involved in directing the company’s technology development, banking arrangements, call center locations, personnel strategies, and legal registration in Kyrgyzstan.
During an August 12 meeting held in A7’s Moscow offices, Donald and another individual reportedly inquired about conducting transactions with countries under sanctions, such as Venezuela. Shor’s recorded response emphasized “legally calibrated deal structuring.” At that time, Shor was subject to sanctions by the UK, US, and EU and had been convicted in absentia in Moldova for a multi-billion-dollar bank fraud. A7 itself was already blacklisted by the UK and EU and was to be sanctioned by the U.S. shortly thereafter.
Donald, however, denied that he was ever officially employed by VexPay or held the position of CEO as stated in some documents. He told investigators that he had never met or spoken directly with Shor and that his involvement was limited to advising the Kyrgyz government and Processing KG on international payments, payment service provider environments, merchant acquiring, and platforms such as Apple Pay and Visa. Donald confirmed attending the Moscow meeting but described it as an engagement primarily with Kyrgyz representatives before traveling to Bishkek for government meetings. Documents do not show Kyrgyz officials at the Moscow meeting, though minutes indicate Shor had proposed a joint trip to Kyrgyzstan that day, which Donald accepted.
The leaked files also highlight A7’s ongoing efforts to develop new payment channels, including discussions about launching a payments company in the UK and acquiring banks in Belarus and Puerto Rico. Internal correspondence shows critiques of A7’s crypto ventures, noting operational weaknesses and a proposal to halt misrepresentations about staff locations.
Processing KG has categorically denied any ownership or control by external parties, stressing that it is governed solely by its management in accordance with Kyrgyz law and its sole shareholder, the Ministry of Finance. The Kyrgyz Ministry of Finance did not respond to requests for comment.
A7 responded to inquiries by dismissing the allegations as false, emphasizing its rapid growth into one of the largest Russian international settlements networks with a presence in more than 100 countries.