The deposed Syrian dictator Bashar al-Assad transferred 250 million dollars in cash to Moscow between 2018 and 2019, according to media reports.
Based on reviewed financial documents, it is revealed that Syria’s central bank sent nearly two tons of 100-dollar and 500-eurobanknotes to Russia, where the funds were deposited in sanctioned Russian banks.
The documents show that Syria’s central bank transported shipments of United States (U.S.) dollars and euros, weighing almost two tons, to Moscow’s Vnukovo Airport. These funds were deposited into Russian banks sanctioned by the U.S.
The transfers occurred as Syria, struggling with depleted foreign reserves, heavily relied on Russian military support, including assistance from the Wagner Group.
“The regime needed to move its money abroad, to a safe place, so it could use those funds for securing a luxurious lifestyle… for the regime and its inner circle,” stated David Schenker, former U.S.Assistant Secretary of State for Near Eastern Affairs.
The Syrian money was used for various purposes, including paying for wheat, military expenses, and printing currency in Russia. An insider familiar with the transactions remarked, “When a state is completely isolated and under sanctions, cash is their only option.”
Assad’s inner circle redirects wealth to Russia
Further investigation has uncovered how Assad’s family and associates were transferring assets to Russia. Since 2013, Assad’s relatives purchased at least 20 luxury apartments in Moscow through complex financial arrangements.
Eyad Hamid, a senior researcher from the Syrian Legal Development Programme (SLDP), stated: “Russia has been a haven for Assad regime finances for years,” highlighting its role in bypassing sanctions.
U.S. officials have accused Assad’s regime of widespread corruption and criminal activities to fund its war efforts. The U.S. Department of the Treasury has imposed sanctions on multiple Syrian and Russian entities involved in facilitating these cash transfers.
Malik al-Abdeh, a Syrian analyst, suggested: “The Syrian state might be paying the Russian state for military intervention.” These revelations shed light on how Assad’s regime has financially survived the devastating Syrian civil war while Western sanctions pushed it deeper into Moscow’s sphere of influence.
Assad, who ruled Syria with an iron fist for nearly 25 years, fled to Russia on December 8th after anti-regime groups seized control of Damascus.
The takeover followed a rapid offensive by Hay‘at Tahrir al-Sham (HTS) fighters, who captured key cities across the country in under two weeks.
