Media: Assad’s regime airlifted Syria’s $250 million to Moscow

Between 2018 and 2019, Bashar al-Assad’s regime airlifted approximately $250 million in cash to Moscow, underscoring Syria’s reliance on its key ally, Russia, amid severe economic constraints worsened by sanctions.

The banknotes, primarily in $100 bills and €500 notes, were flown to Moscow’s Vnukovo airport to be deposited in sanctioned Russian banks, Caliber.Az reports via The Financial Times.

These cash shipments underline the deepening financial and military ties between Damascus and Moscow, which became critical for Assad’s survival following the Syrian civil war. With western sanctions isolating Syria from the global financial system, Russia emerged as a key destination for the regime's wealth.

The cash flows coincided with Syria’s growing dependence on Russian military aid, including Wagner Group mercenaries, and a buying spree by Assad’s relatives for luxury properties in Moscow.

Opposition figures and analysts have accused Assad’s government of plundering Syria’s resources to sustain both the war effort and the extravagant lifestyles of the ruling elite. David Schenker, former US Assistant Secretary of State for Near Eastern Affairs, noted that the transfers represented a pattern of safeguarding "ill-gotten gains" abroad. Eyad Hamid, a senior researcher at the Syrian Legal Development Programme, described corruption under Assad as "a way of government" rather than a side effect of conflict.

The regime’s foreign reserves were nearly depleted by 2018, necessitating cash payments for essential imports like Russian wheat and defence-related expenditures. Records show 21 flights carrying a combined value exceeding $250 million during this period. In one instance, a shipment of $10 million in $100 bills arrived in Moscow in May 2019, while €20 million in €500 notes was delivered in February the same year.

Much of the money was deposited in two Russian banks, the Russian Financial Corporation Bank (RFK) and TsMR Bank, both of which were later sanctioned by the US. RFK, controlled by Rosoboronexport, Russia’s state arms exporter, was accused of enabling illicit transactions and sanctions evasion. Meanwhile, the central bank of Syria used these funds to pay for Russian military supplies and money-printing services, as well as to maintain Assad’s patronage network.

As the war devastated Syria’s economy, Assad’s family and inner circle seized control of lucrative industries, including international drug trafficking and fuel smuggling, according to US reports. First Lady Asma al-Assad played a prominent role in managing aid flows and economic policy, further centralizing wealth within the regime.

Iran, Assad’s other major ally, also supported his financial survival by funnelling hard currency through Lebanese companies linked to Hezbollah. Corporate records reveal that Yassar Ibrahim, Assad’s economic adviser, is a shareholder in Hokoul SAL Offshore, which the US Treasury alleges was used to channel millions of dollars to the regime.

Even after the height of the conflict, Assad’s associates continued to establish assets in Russia. By 2019, Assad’s extended family had purchased at least 20 luxury flats in Moscow. More recently, in 2022, Assad’s cousin Iyad Makhlouf co-founded Zevelis City, a Moscow-based property firm. The company’s ties to sanctioned Syrian-Russian financier Mudalal Khoury suggest a broader effort to embed regime wealth in Russia.

The airlifts and property acquisitions underscore Assad’s strategic financial pivot to Russia, ensuring a safe haven for regime assets amid persistent western sanctions. Critics argue this strategy reflects the regime’s prioritization of personal enrichment over Syria’s recovery, as war-torn communities continue to struggle with economic collapse and humanitarian crises.

By Aghakazim Guliyev