Secret transfers from Syria. Assad’s cash in Russian banks
The Syrian regime exported $250 million in cash to Russia in 2018–2019. The transfers helped Assad bypass sanctions and finance the war.
Between 2018 and 2019, Syrian dictator Bashar al-Assad transferred approximately $250 million in cash to Russia. As revealed by the Financial Times, shipments of almost two tons of banknotes in denominations of $100 and €500 were delivered to Moscow’s Vnukovo airport. Russia, as Assad’s main ally, has become a key location for Syrian funds, despite international sanctions.
Russia as a haven for Syrian funds
The Financial Times indicates that between March 2018 and September 2019, there were 21 flights carrying cash from Syria to Moscow. The money went to sanctioned Russian banks, such as Russian Financial Corporation Bank. According to Eyad Hamid of the Syrian Legal Development Program, Russia has become a “center for avoiding Western sanctions” for Assad.
However, cash transfers are only one element of Syria’s cooperation with Russia. The Assad regime paid Moscow for the military intervention and grain supplies. Additionally, Russia is involved in Syrian phosphate supply chains, which allows both sides to derive mutual economic benefits.
Assad’s relatives and luxuries in Russia
While the Syrian regime is accused of looting national wealth, Assad’s relatives invested in luxury real estate in Russia. Former US Assistant Secretary of State David Schenker believes that these actions are part of a broader strategy to secure “ill-gotten gains” by the Syrian power elite.
Asma al-Asad, the first lady and former banker, played a key role in managing the regime’s finances. According to the Financial Times, she chaired a secret economic council that controlled cash flows. The regime’s income also came from illicit sources, such as drug trafficking and fuel smuggling.
System under Assad’s control
Despite sanctions and the ongoing war, Bashar al-Assad and his associates have taken control of key sectors of the Syrian economy. Western governments and the opposition accuse the regime of using public funds to finance war activities and secure the assets of the power elite.
The cash transfers revealed by the Financial Times are evidence of how the Syrian regime used Russian cooperation to bypass sanctions and maintain its position.
