Assad sent millions of dollars and euros in cash to Russia before fleeing – FT

The Central Bank of Syria secretly transferred US$250 million in cash to Moscow by plane in 2018-2019.

Source: Financial Times

Details: The Russian customs aggregator Import Genius has disclosed information about these transfers, which occurred at a time when Syria was heavily dependent on Russian military support and Bashar al-Assadʼs regime was suffering from Western sanctions.

Meanwhile, the Assad family was buying luxury properties in Moscow through schemes using a network of shell companies and loan agreements.

Money was transferred from Syria to Russian banks that later came under US sanctions, such as RFC Bank and TSMR Bank.

The experts interviewed, including David Schenker, US Assistant Secretary of State for Near Eastern Affairs from 2019 to 2021, suggested that these transfers were a way to transfer looted money out of the country, provide a luxurious life for the regime and its entourage and evade Western sanctions.

At the same time, another source familiar with the Syrian central bank's data provided an alternative explanation: the bank had to make cash payments due to sanctions, to purchase wheat from Russia and pay for money printing services and "defence" expenses.

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