Syria’s dictator, Bashar al-Assad, reportedly airlifted around £200 million in cash to Moscow between 2018 and 2019, a period when Syria was heavily dependent on Russian support. According to records obtained by The Financial Times, Assad’s regime flew two tonnes of banknotes into Vnukovo Airport in Moscow to be deposited at Russian banks. The shipments occurred when Russia was providing significant military backing to Assad, including the deployment of mercenaries from the Wagner group, which played a crucial role in bolstering his regime.
At the same time, Assad’s family was reportedly purchasing luxury properties in Moscow, further strengthening the ties between the two nations. The Syrian regime has long been accused of looting the country’s wealth to fund the ongoing civil war, including engaging in criminal activity to finance its operations.
The records show that from March 2018 to September 2019, Assad’s regime transported large quantities of US and euro banknotes to Russia. This included $10 million in $100 bills and €20 million in €500 notes. In total, there were 21 flights during this period, carrying over $250 million in cash. These transfers began in 2018, as Syria’s central bank faced dwindling foreign reserves. Due to international sanctions, the central bank was forced to make payments in cash for critical imports, including wheat from Russia and money-printing services, along with military expenses.
A person familiar with Syrian central bank operations told The Financial Times that foreign reserves were almost exhausted by 2018, and the regime had to rely on cash transactions. The source explained that during such a dire situation, cash becomes the only viable means of trade when a country is under heavy sanctions.
In addition to these cash shipments, Russian trade records show that Russia continued to export materials to Syria, including new banknotes, secure paper, and military components. However, there are no records indicating which Russian banks received the cash or took other shipments from Syria.
The revelation has sparked anger among some former loyalists of Assad’s regime, who view his escape to Moscow as a sign of his self-serving actions. In 2015, Russia escalated its involvement in Syria by sending warplanes to target remaining rebel groups and Islamist insurgents. Russian military advisers helped bolster Assad’s forces, while Russian companies became key players in Syria’s phosphate industry. Over time, Assad and his associates increasingly seized control of Syria’s economy, generating revenue through illicit activities like drug trafficking and fuel smuggling, according to US authorities.
Asma al-Assad, the first lady and a former JP Morgan banker, was reportedly influential in shaping international aid and managing a secretive presidential economic council. In 2015, the US Treasury sanctioned the Assad regime for facilitating bulk cash transfers to Russia.
Records show that the cash deliveries to Moscow between 2018 and 2019 were deposited at the Russian Financial Corporation Bank (RFK), a Moscow-based lender controlled by Rosoboronexport, Russia’s state-owned arms export company. Other shipments included a $2 million transfer to TsMR Bank, a Russian bank that has also been sanctioned by the US.
The disclosures come shortly after Russian President Vladimir Putin’s allies confirmed that Russia helped Assad escape to Moscow after rebels seized large portions of Syria