Assad airlifts $250mn in cash to Russia in 2018-2019: FT

Documents obtained by the British daily reveal that Syria’s central bank flew shipments of US dollars and euros, weighing nearly two tons, to Moscow’s Vnukovo Airport. These funds were deposited into Russian banks sanctioned by the US.

The transfers came during a period when Syria, struggling with depleted foreign reserves, relied heavily on Russian military backing, including support from the Wagner Group.

“The regime would have to bring their money abroad to a safe haven to be able to use it to procure the fine life… for the regime and its inner circle,” said David Schenker, former US Assistant Secretary of State for Near Eastern Affairs.

Syrian cash was used for various purposes, including payments for wheat, military expenses, and money-printing services in Russia.

A source familiar with the transactions noted: “When a country is completely surrounded and sanctioned, they have only cash.”

The newspaper investigation also highlighted how Assad’s family and associates moved assets into Russia.

Since 2013, Assad’s relatives purchased at least 20 luxury apartments in Moscow using intricate financial arrangements.

Eyad Hamid, a senior researcher at the Syrian Legal Development Program, stated, “Russia has been a haven to the Assad regime’s finances for years,” underscoring its role as a hub for sanctions evasion.

US officials have accused Assad’s government of widespread corruption and criminal activity to finance its war efforts.

The US Treasury has sanctioned multiple Syrian and Russian entities involved in facilitating these cash transfers.

Malik al-Abdeh, a Syrian analyst, noted: “The Syrian state could be paying the Russian state for a military intervention.”

These revelations shed light on how Assad’s government sustained itself financially during Syria’s devastating war while Western sanctions pushed it further into Moscow’s orbit.

Assad, who ruled Syria with an iron fist for nearly 25 years, fled to Russia last week after armed groups seized control of Damascus.

The takeover came after Hayat Tahrir al-Sham (HTS) fighters captured key cities across the country in a lightning offensive that lasted less than two weeks.