Photo:Getty images
The Bashar al-Assad regime sent about $250 million in cash to Moscow in 2018-2019 due to a lack of foreign currency. This was reported by the Financial Times with reference to the documents found.
21 flights with two tonnes of cash
Between March 2018 and September 2019, 21 flights were operated from Syria to Moscow Vnukovo Airport. In total, almost two tonnes of $100 and €500 notes were transported.
The money was kept in Russian banks , Russian Financial Corporation (RFK) and TsMRbank, which are both under US sanctions. RFK is controlled by Rosoboronexport, a state-owned corporation that exports Russian weapons.
Critical shortage of foreign exchange reserves
A source familiar with the situation at the Central Bank of Syria said that by 2018, the country’s foreign exchange reserves were almost exhausted. Due to international sanctions, Syria was forced to make all payments exclusively in cash.
The funds received, according to the source, were used to:
- purchase of wheat in Russia,
- payment for money printing services,
- financing of “defence” expenditures.
Russian military components and banknote printing
According to Russian reports, after delivering the cash, Moscow continued to export to Syria spare military components for the Syrian Ministry of Defence, as well as banknotes printed by the Goznak printing company.
Luxury property for the Assad family
Earlier in 2019, the Financial Times reported that the Assad family had purchased at least 20 luxury apartments in Moscow since 2013. This was done through complex company schemes and loan agreements.
The remittance data demonstrate the Syrian regime’s growing dependence on Russia, which has been Assad’s key ally in the war that has been going on since 2011.
