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It turns out, while Syria was crumbling under war and sanctions, Bashar al-Assad’s regime was quietly flying millions in cash to Moscow.
According to an article in the Financial Times, between 2018 and 2019, as Syria’s dictator leaned heavily on Russia for military support, $250 million worth of banknotes — packed in $100 bills and €500 notes — made their way to Russian banks in Moscow. These flights carried nearly two tonnes of cold, hard cash.
Why Moscow? Because Russia became the “safe haven” for Assad’s regime to stash its fortune, dodging Western sanctions that cut Syria out of the global financial system. Russia wasn’t just Assad’s military backer; it also became his financial refuge.
While Syria’s economy was in tatters and foreign reserves had dried up, Assad and his inner circle — including his wife Asma, a former banker — were busy safeguarding their wealth abroad. The irony? As regular Syrians suffered, Assad’s extended family was snapping up luxury apartments in Moscow and investing in shady businesses.
The money flows coincided with Russia ramping up military aid, including help from the infamous Wagner group mercenaries. In return, Assad’s regime appeared to pay Russia with cash shipments and control over valuable resources like Syria’s phosphate supply.
Experts say this wasn’t just financial maneuvering — it was outright corruption. Assad’s regime allegedly looted the nation’s wealth to fund "the good life" for themselves while Syrians faced hardship. Former U.S. officials weren’t surprised, noting that Assad’s people have long been spiriting money out of the country to secure their fortunes abroad.
And who were the enablers? Two Russian banks — RFK Bank and TsMR Bank — which handled these secretive cash deliveries. Both are now under U.S. sanctions for helping Assad dodge international restrictions.
This story lays bare how, even when a country is devastated, a dictator can still find ways to secure his wealth — and Russia was more than happy to help. While Syrians faced a decade of war, their leaders were preparing for a comfortable future, not in Damascus, but in Moscow's upscale neighborhoods.
It’s a chilling reminder that for regimes like Assad’s, survival means more than holding onto power; it means safeguarding the money that keeps them in control — no matter how much the people suffer.
Source: With information from The Financial Times
