The Insider confirms Russia ties of UK businessman involved in VexPay project, promoted by A7 “shadow banking” network to evade sanctions

The Insider has uncovered evidence linking UK businessman Michael Donald to Russian ties in connection with VexPay, a Kyrgyz payment platform promoted by the Kremlin-linked A7 shadow banking network. VexPay is promoted as an alternative to SWIFT, evading sanctions, and processing international payments for Russian companies. Donald denies any involvement with VexPay or receiving the position of chief executive offered by Ilan Shor, the founder of A7 network.

Documents reviewed by the Financial Times show that Donald had ties to Russia as early as 2020. ImageNPay, a company founded by Donald, targeted Russia and other former Soviet states as key markets, using Russian programmers and seeking entry through the Skolkovo Innovation Center in Moscow. A man named Dmitry Kuptsov held a 27.2% stake in ImageNPay UK, which was also connected to Donald's circle through another Monaco company.

A7 is a Russian payment network established by Shor and Promsvyazbank, designed to process international transactions for Russian companies amidst sanctions. The network's operations moved over $6.9 billion internationally between late 2024 and August 2025. The U.S. Treasury Department designated A7 as a "significant transnational criminal organization" in October 2025 for its forgery operations and camouflage of payments linked to sanctioned entities.

The Insider found that A7 representatives contributed to VexPay's development in Kyrgyzstan, with Shor introducing Michael Donald as an executive during a meeting in Moscow. However, Donald denies being an employee or director of VexPay and claims he was merely advising Kyrgyz state company Processing KG on international payments and payments technology.