Syria’s fallen regime, led by Bashar al-Assad, airlifted nearly $250 million to Moscow between 2018 and 2019, according to a Financial Times investigation. The cash shipments, comprising US dollars and euros, weighed about two tons and were deposited in Russian banks sanctioned by the US.
The transfers occurred as Syria faced severe sanctions, depleted foreign reserves, and growing dependence on Russia for military and economic support. The funds reportedly covered wheat purchases, military expenses, and money-printing services in Russia.
Assad’s family and associates also moved significant assets to Russia. Since 2013, they have purchased at least 20 luxury apartments in Moscow, using complex financial channels. Eyad Hamid, a senior researcher, described Russia as “a haven for the Assad regime’s finances,” helping evade sanctions.
The US Treasury has sanctioned several Syrian and Russian entities involved in facilitating these cash transfers. Analysts suggest these payments likely financed Russia’s military interventions in Syria, including the involvement of the Wagner Group.
The revelations come after Assad fled to Russia on December 8, following the rapid takeover of Damascus and other major cities by Hayat Tahrir al-Sham (HTS) fighters in a two-week offensive. This marked the end of Assad’s 25-year rule over Syria.