GUR Exposed 14 Financial Structures That Help Russia Evade Sanctions

The Main Intelligence Directorate of the Ministry of Defense of Ukraine has published data on 14 banks, financial intermediaries and payment systems that, according to intelligence, are involved in conducting international payments in the interests of Russia bypassing sanctions restrictions.

The new data appeared on September 28 in the "War Finances" section of the War&Sanctions portal. After the update, the database already includes 29 legal entities.

The GUR notes that Russia is developing a parallel payment infrastructure using banks, financial intermediaries, cryptocurrencies and institutions in third countries. Such channels make it possible to carry out cross-border settlements outside the traditional financial system, in particular in the interests of the Russian military-industrial complex.

Among the new figures is the financial service Finzy (Finzypay). According to the GUR, it carries out conversion and transfers using RubX, a digital asset pegged to the Russian ruble.

Intelligence claims that RubX was created with the participation of the Russian state corporation "Rostec" as a tool for bypassing international financial restrictions. Through the Finzy app, users can buy RubX with cryptocurrency or by bank transfer and exchange the asset for the USDT stablecoin. At the same time, the service, according to the portal, does not require the standard KYC customer identification procedure.

Another figure is the Russian Asian-Pacific Bank. According to the GUR, it carries out cross-border settlements between Russia and China in yuan using the Chinese interbank payment system CIPS.

The bank also uses the financial infrastructure of other countries. In particular, it has access to the Kazakhstan Stock Exchange KASE and correspondent relations with the Kazakh ForteBank. In addition, the GUR points to its cooperation with the Kyrgyz Keremet Bank, which previously came under US sanctions for participation in sanctions evasion schemes.

The database also includes the Russian fintech service "Sistema-Crypto", linked to the sanctioned investment corporation AFK Sistema. The company is developing the Neobridge platform, focused on cross-border payments and settlements under foreign trade contracts.

According to the GUR, Neobridge offers international payments within one business day with a commission from 0.2%. "Sistema-Crypto" and related companies are simultaneously investing in large-scale cryptocurrency mining centers.

The updated list also includes banks and financial companies that provide settlements for Russian business with counterparties in China, the UAE, Turkey and other countries, make payments in yuan or use cryptocurrency schemes and the Russian System for Transfer of Financial Messages as an alternative to the Western financial infrastructure.

In particular, the GUR describes a scheme involving the companies "RusCriptoTrade" and "Farwather Finance": the client transfers rubles to an account at the sanctioned Russian PSB, after which the equivalent of the funds is credited to an account in a foreign bank.

Ukrainian intelligence calls on partners to synchronize sanctions against the Russian financial sector, apply secondary restrictions to participants in such schemes, and strengthen control over the use of crypto assets and their conversion into conventional currencies.

The "War Finances" section was launched on September 21. Initially, 15 Russian banks related to servicing the military-industrial complex, defense state orders and alternative payment infrastructure were included. After the new update, the number of institutions and companies in the database increased to 29.

Sources: War&Sanctions, GUR MO of Ukraine