Russian fintech company A7 has launched the world’s first global payment service that allows customers to make cross-border transactions using cryptocurrency, expanding its reach beyond Russia despite Western sanctions.

The new service, called A7 International, allows customers to pay using USDT, a cryptocurrency pegged to the US dollar, while recipients receive conventional bank transfers through SWIFT without having to handle cryptocurrency themselves. The service was launched on Tuesday (October 13).

According to the company, payments are available in US dollars, euros, Chinese yuan and UAE dirhams and carry a commission of 0.3%. Transfers take a matter of minutes.

Pyotr Fradkov, chairman of Russian bank Promsvyazbank, which…