A stunning report by the Financial Times has revealed that the regime of ousted Syrian President Bashar al-Assad airlifted approximately $250 million (Rs 2,082 crore) in cash to Moscow between 2018 and 2019. The transactions reportedly involved nearly two tonnes of $100 bills and 500 euro notes, which were flown to Moscow’s Vnukovo airport and deposited in sanctioned Russian banks.
Assad’s relatives were secretly acquiring assets in Russia
The report indicates that during the same period, Assad’s relatives were secretly acquiring assets in Russia, showcasing the lengths to which Assad’s regime went to circumvent Western sanctions that have excluded it from the global financial system.
Assad fled Syria on December 8 following an 11-day offensive by the rebel group Hayat Tahrir al-Sham (HTS), after years of civil war ignited by his violent crackdown on anti-government protests in 2011. He is currently residing in Russia.
The ongoing conflict has resulted in the deaths of over 500,000 people and displaced more than half of Syria’s population. Critics, including several opposition figures, have accused Assad’s regime of looting the country’s wealth and resorting to criminal activities to finance the war.
David Schenker, former US Assistant Secretary of State for Near Eastern Affairs, commented on the situation, stating that the transfers were unsurprising. “The regime would have to bring their money abroad to a haven to be able to use it to procure the fine life… for the regime and its inner circle,” he said.
Eyad Hamid, a senior researcher at the Syrian Legal Development Programme, noted that Russia has served as a safe haven for Assad’s regime for years. The relationship between the two deepened as Russian companies became involved in Syria’s phosphate supply chain.
Between March 2018 and September 2019, unprecedented cash transfers occurred between Syria and Russia. However, the Financial Times reported no record of Russian banks receiving currency notes worth $250 million during this two-year period. This lack of documentation is attributed to Assad and his close associates seizing control of critical sectors of Syria’s war-torn economy.
Additionally, the report cited US officials who claimed that Assad and his aides profited from international drug trafficking and fuel smuggling.
