In a shocking revelation, a Financial Times report has uncovered that the regime of ousted Syrian President Bashar al-Assad airlifted approximately $250 million in cash to Moscow between 2018 and 2019. The transactions, which involved nearly two tonnes of $100 bills and €500 banknotes, were transported to Moscow’s Vnukovo airport and deposited in Russian banks, despite sanctions imposed on both nations.
According to the report, these financial maneuvers were part of Assad’s efforts to circumvent Western sanctions that had excluded Syria from the global financial system. The airlifts were conducted covertly, with Assad’s family also reportedly buying assets in Russia during the same period.
The report highlights the lengths to which Assad’s regime went to protect its wealth and continue its operations amid the pressure of international sanctions. It reflects how the regime relied on Russia as a safe haven, particularly after the war devastated Syria’s economy. Russia, which has been a key ally of Assad for years, played a crucial role in supporting his regime during the conflict, which has led to the deaths of over 500,000 people and displaced millions.
Also read: Sitharaman accuses Congress of undermining Constitution in Rajya Sabha debate
David Schenker, former US Assistant Secretary of State for Near Eastern Affairs, said that these transfers were unsurprising, given the regime’s need to secure its finances and maintain a lavish lifestyle for its inner circle. He suggested that Assad’s regime needed to keep its wealth safe to maintain its power and privilege.
Eyad Hamid, a senior researcher at the Syrian Legal Development Programme, echoed these sentiments, noting that Russia has long been a refuge for Assad’s regime. The relationship between the two countries deepened when Russian companies became involved in Syria’s phosphate supply chain, further cementing the economic ties between the two nations.
The scale of these cash transfers—unprecedented until that point—was confirmed by the Financial Times, although there is no official record of Russian banks receiving the $250 million. The report suggests that Assad and his associates have also profited from illicit activities, such as drug trafficking and fuel smuggling, to finance the ongoing war.
Assad’s regime, which fled Syria on December 8 after an offensive led by rebel group Hayat Tahrir al-Sham, has been widely criticized for looting Syria’s resources and using criminal means to sustain the war effort.
