The cost of keeping Hong Kong and Singapore financially open
Banks can withdraw from business that is costly to verify but financial centres ultimately bear the impact
ON OCT 1, the US Treasury designated Russia’s A7 payment network as a significant transnational criminal organisation, adding to sanctions already imposed on A7 entities in August 2025.
Washington cited alleged assistance to Iran and its proxies, which A7 denies.
The case raises a broader question about how banks can keep legitimate customers connected when the origins of a payment are difficult to establish.
