Syrian dictator Bashar al-Assad reportedly transported approximately £200 million in cash to Moscow over a two-year period as his regime became increasingly reliant on Russian support.
According to an investigation by the Financial Times, Assad’s regime made 21 flights between March 2018 and September 2019, carrying massive shipments of banknotes to Vnukovo Airport in Moscow. These funds, deposited in Russian banks, were used to pay for wheat imports, military expenses, and money-printing services amidst crippling international sanctions.
The shipments coincided with Assad’s family purchasing luxury properties in Moscow, further fueling accusations that the regime was looting Syria’s wealth while engaging in criminal activities to sustain its war against its own citizens.
Records reveal that in 2019 alone, Assad’s central bank sent $10 million in $100 bills and €20 million in €500 notes to Russia. These transfers began in 2018 after Syria’s foreign reserves were nearly depleted. A source familiar with the Syrian central bank stated that sanctions forced the regime to rely entirely on cash payments, as “when a country is completely surrounded and sanctioned, they have only cash.”
The cash was reportedly delivered to Russian banks, including Russian Financial Corporation Bank (RFK), controlled by Rosoboronexport, Russia’s state arms exporter. Another recipient was TsMR Bank, also sanctioned by the U.S.
The financial relationship between Syria and Russia deepened after Russia’s military intervention in 2015, which helped Assad regain control over rebel-held territories. Alongside military support, Russian companies capitalized on Syria’s phosphate resources, while Assad’s regime tightened its grip on the country’s economy.
Asma al-Assad, Syria’s first lady and a former JP Morgan banker, played a key role in shaping the regime’s economic strategy, including overseeing a secretive presidential economic council. The regime has also been accused of profiting from international drug trafficking and fuel smuggling.
The revelations come amid reports that Russia facilitated Assad’s escape to Moscow after rebels seized power in Syria. Even some former loyalists of Assad’s regime have expressed outrage, interpreting his flight as a betrayal of his country for personal survival.
The U.S. Treasury had previously accused Syrian officials, including former central bank governor Adib Mayaleh, of arranging bulk cash transfers to Russia. Washington has sanctioned the Assad regime multiple times for such activities, highlighting its reliance on illicit financial networks.
This development underscores the extent of the Assad regime’s dependency on Russia, both financially and militarily, as Syria’s conflict reshaped the nation’s economy and governance.
