Ousted Syrian president bypasses western sanctions through covert financial maneuvers

In a revelation that underscores the complex geopolitical landscape of Syria’s ongoing crisis, a Financial Times report has uncovered a stunning financial operation by Bashar al-Assad’s regime involving the airlift of approximately $250 million to Russia during a critical two-year period.

A clandestine financial exodus

Between 2018 and 2019, Assad’s regime orchestrated an unprecedented transfer of nearly two tonnes of currency, including $100 bills and 500 euro notes. These funds were flown directly to Moscow’s Vnukovo airport and deposited in sanctioned Russian banks, marking a bold attempt to circumvent international financial restrictions.

Context of collapse

The financial transfer comes in the wake of Assad’s dramatic flight from Syria on December 8, following an 11-day rebel offensive led by Hayat Tahrir al-Sham (HTS). This event culminates years of civil war that has devastated the nation, resulting in over 500,000 deaths and displacing more than half of Syria’s population.

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Geopolitical safe haven

Experts view Russia as a critical lifeline for Assad’s regime. David Schenker, former US Assistant Secretary of State for Near Eastern Affairs, stated, “The regime would have to bring their money abroad to a safe haven to be able to procure the fine life… for the regime and its inner circle.”

Unprecedented financial maneuvers

Eyad Hamid, a senior researcher at the Syrian Legal Development Programme, highlighted the long-standing relationship between Assad and Russia. Notably, Russian companies have become deeply involved in Syria’s phosphate supply chain, further cementing their economic ties.

Controversial wealth acquisition

The report suggests that Assad and his associates have resorted to various illicit means to finance their operations, including:

• International drug trafficking
• Fuel smuggling
• Seizing control of critical economic sectors

Mysterious transactions

Intriguingly, there is no official record of Russian banks receiving the $250 million in currency notes, raising questions about the transparency and legality of these transfers.

International implications

The revelation exposes the intricate methods used by sanctioned regimes to maintain financial flexibility and highlights the challenges faced by international efforts to isolate such governments economically.