Zachary Tvarozna (@Z_Researching) profile picture

Kleptocracy, Data, and Oxford commas. ex-usg

London
Joined September 2022
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Russia claims to no-longer use $/€ & instead use“high-tech” new solutions away from Western financial networks. But lets take a closer look at the data. Built from 6,598 txs touching 1,000+ banks in 80+ jurisdictions a closer look at the abandoning of $/€ 🧵
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When Russia tried to more directly pay China (albeit through foreign bank accounts), the Chinese banks rejected most (if not all) of the payments for risk and other issues... Because Chinese banks can't afford to lose dollar access and don't want to deal with risky Rubles™️
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Even when topping up their sub-agents with Rubles, the payments are made through foreign banks... which is weird because that BRICS video definitely suggests that they are being paid from Russia... how odd
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Even when paying in CNY, the payments tend to route through Western banks or Chinese subsidiaries of Western institutions. Take a look at a payment to an A7 sub-agent "YITON TRADING LIMITED"
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For the euro, the story is largely the same. Rubles enter in permissive 3rd country before correspondent accounts and fx transfers permit European suppliers to be paid through European banks, in euro. As detailed elsewhere, even RU's tour hotspots want euros not/not rubles/a7a5
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When we look at the claim that Russia doesn't need USD anymore, we can see that even Russia's closest partners want to be paid in USD. With payments clearing from the West before landing in (primarily but not exclusively) China and Hong Kong
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Transactions identify that Rubles/crypto are not the preferred payment for Russia's foreign suppliers that want to be paid in their foreign national currencies. Which makes sense... for someone paying the bills a complicated coin swap is pointless
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Zachary Tvarozna retweeted
The Russia-Africa Summit is just starting but we got hold of the 37 pages Conclusion - so no need to go! Written by Artem Toporkov, who seems to be a diplomat with experience at UNESCO 1) Among the traditional planned actions, Russia is pushing the development of sanctioned A7 on the continent with more settlements in national currencies, linking Russian payment systems with the Pan-African Payment and Settlement System, and partnerships with Afreximbank, the African Development Bank and the Africa Finance Corporation. For reminder, A7 is now assimilated to a criminal organisation. 2) In the security area, Russia intends to support for the UN Cybercrime Convention, sharing law-enforcement data, and swapping experience on “restricting access to internet resources” that break national laws. This is censorship in action! 3) What we discovered in Madagascar should be replicated elsewhere with the creation of Russian industrial zones in Africa, local production of fertilizers, pharmaceuticals and vaccines, and joint manufacture of agricultural and logistics drones. 4) Pursuing its predatory agenda in Africa on critical minerals by making sure no other countries can get access to it. This may not please the Chinese master. 5) For social and humanitarian: we read more state-funded grants for universities (we believe they forgot to mention access to the Russian army here) and they plan on expanding Russian media in Africa and “combating disinformation.” (sic)
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Just gonna leave this here... French benefactor exposure to #A7, which feels relevent with the FATF plenary sessions continuing on in Paris...
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Zachary Tvarozna retweeted
All I can think about is how many analysts used Claude to read Anthropic's S-1 ...
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Following @te_rowley's ICIJ piece, decided to spend more time diving deeper w/ cash ledgers to understand how #A7's banking routes changed overtime. Who knew German banks were so critical to the network Check out my new piece, Bazaar Behavior, on Substack evidenceofabsence.substack.c…
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Zachary Tvarozna retweeted
283 tons of cash rubles. More than $14 billion. ICIJ traced it to Moscow markets and Ilan Shor’s A7, with most of it bound for China. Also this week: the 100th drone incursion and Ukrainian border guards chasing a swimmer onto Moldovan soil. open.substack.com/pub/moldov…
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Zachary Tvarozna retweeted
NEW: Russian payment firm A7 processed at least $14bn USD in raw cash rubles from Moscow markets - in bank and other payments bound predominantly for Chinese banks, according to exclusive documents obtained by @ICIJorg. icij.org/news/2026/10/kremli…
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Zachary Tvarozna retweeted
With leaked internal records, ICIJ identified a handful of wholesale markets and other businesses around the Russian capital that made up a significant share of the cash U.S.-sanctioned payment firm A7 processed. buff.ly/kqE6nkZ
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Everyone is chasing the the billion-dollar sanctions stories. Instead, I looked at €360,000 through an EU bank. #A7's Dubai-based treasury paid a Seychelles agency for buses and 35 tons of shrimp. The small payments are what makes it interesting. evidenceofabsence.substack.c…
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A nuanced story on how Russian tourism, in jurisdictions that don't apply Western sanctions, quietly generates revenue for Russia's military industrial-base. With an additional focus on why largely compliant on paper and effective in practice are not at all the same thing.
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Zachary Tvarozna retweeted
🔎 #BabakovLeaks: InformNapalm exposes French intermediary Geoffroy Doly’s ties to sanctioned Russian official Alexander Babakov’s network. informnapalm.org/en/alexande… Special thanks to @256CyberAssault Share, comment & tag those who should see this! #Russia #France #EU
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Zachary Tvarozna retweeted
Last week @TheBanker ran my story exposing growing money laundering and sanctions evasion risks in the US banking sector, due to a loophole allowing valid payment cards to be issued online without identity checks.
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In A7’s promotional video for USDT→SWIFT, Shor boasted that AI processes 2000 transactions daily. As of mid-2025, A7 was using US-based frontier llms to process transactions. For more on that check out my earlier findings Chat-KGB over on substack: evidenceofabsence.substack.c…
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