Fugitive Moldovan oligarch Ilan Shor, who has been convicted in absentia in Moldova in connection with the so-called “bank fraud” case, will finance the construction of the “Kurskaya Skazka” family recreation and education park in Russia’s Kursk region, near the border with Ukraine. The project will be funded through the sanctioned company A7.
The agreement was announced by Kursk region governor Alexander Khinshtein following a meeting with Shor in Moscow on June 28. According to him, Shor agreed to act as the main investor in the project, which is designed as a large-scale amusement and public leisure complex.
Shor reportedly took part in the talks as the general director of A7. Negotiations with contractors were held in Moscow, with some participants joining via video link. A7 is said to be responsible for financing the construction.
Russian authorities say the project is based on a trilateral agreement signed in June at the St. Petersburg International Economic Forum between the Kursk region administration, A7, and Promsvyazbank (PSB). A7’s website also describes the deal as a form of cooperation in the socio-economic development of the region.
Context
Following the change of government in Moldova in 2019, Ilan Shor left the country and later settled in Israel.
In April 2023, the Chisinau Court of Appeal sentenced him in absentia to 15 years in prison in the so-called “billion-dollar bank fraud” case. The court also ordered the confiscation of assets worth around 5 billion lei. Shor is internationally wanted and denies all allegations, claiming political persecution.
Sanctions on A7
In July 2025, the Council of the European Union added A7 to its sanctions list, stating that the company was involved in attempts to influence Moldova’s political processes, including elections and the constitutional referendum on EU integration, through illicit financing and voter bribery schemes.
In August 2025, the United States Department of the Treasury also imposed sanctions on A7 and related entities. According to U.S. authorities, the company is owned by Ilan Shor together with Russia’s Promsvyazbank and has been used in schemes to bypass international sanctions.