A Russian payment platform targeted by the Treasury Department this week for allegedly helping the Iranian regime evade sanctions is claiming it has no connection to Tehran.

The Treasury Department said Thursday that under Operation Economic Outcast, it "took unprecedented action against the A7 Network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions."

"The A7 Network was created and backed by U.S.-sanctioned persons in order to evade sanctions. It has developed a global web of Sub-Agents, companies that are purpose-built to disguise payments linked to sanctioned sectors and persons as ordinary commercial activity," according to the Treasury. "The A7 Network has been leveraged by Iran, including Iran’s Islamic Revolutionary Guard Corps."

The A7 Network, which was established in 2024 by Russian state-owned Promsvyazbank (PSB), said Friday that it "categorically rejects any allegations that it has worked with Iran or terrorist organizations," according to Reuters.

The platform reportedly added that it is providing "legitimate import and export operations involving consumer goods and commodities."