Assad transferred $250 million to Russia amid economic crisis in Syria
DAMASCUS, Syria (North Press) – A journalistic investigation has revealed that the Central Bank of Syria transferred approximately $250 million in cash to Russia during 2018 and 2019.
At a time when Syria was grappling with a severe shortage of foreign currency, the Financial Times uncovered that the al-Assad family was secretly investing in luxury assets and real estate in Moscow.
Documents obtained by the newspaper showed that the al-Assad regime dispatched shipments of nearly two tons of $100 bills and €500 notes to Moscow’s Vnukovo Airport.
The funds were deposited in Russian banks already subject to international sanctions, underscoring the Syrian regime’s deepening reliance on Russia amid mounting economic pressures and Western sanctions.
The investigation highlighted that these financial transfers occurred during a period when Syria was heavily dependent on Russian military support, including the involvement of the Wagner Group.
Reports also suggested that the Syrian regime leveraged its ties with Moscow to advance family interests, channeling state resources into luxury real estate investments in the Russian capital, even as Syria endured a crippling economic crisis.
These cash shipments coincided with accusations from the Syrian opposition and Western governments that the al-Assad regime was looting national wealth to fund its war effort and enrich a close circle of elites.
The findings serve as further evidence of how the Syrian regime has utilized state resources to cement its relationship with the Kremlin and circumvent international sanctions, all while the country’s economy and population suffer under the strain of war.