Standard Chartered CEO says bank closed accounts linked to Russian money laundering network that moved $6.9 billion

Standard Chartered CEO Bill Winters confirmed the bank shut down accounts tied to a Russian money laundering operation after discovering attempts to circumvent Western sanctions imposed following Moscow’s invasion of Ukraine. The closure came after the bank flagged suspicious activity flowing through its Hong Kong operations, part of a broader scheme that reportedly moved more than $6.9 billion through the global banking system. The network, known as A7, is described as a Kremlin-backed payments infrastructure that relied on front companies, forged invoices, and manipulated customs codes to disguise the origins and purposes of transactions. Some of those transactions were reportedly linked to Russian military procurement. How the scheme worked, and how it unraveled Between late 2024 and August 2025, Standard Chartered’s Hong Kong accounts received approximately $1.1 billion connected to A7-linked entities. The red flags started appearing in February 2025. High-volume payments originating from Kyrgyz banks triggered the bank’s compliance systems, prompting Standard Chartered to place holds on the suspicious transactions. The bank subsequently closed the relevant accounts. Winters ha...