A report by the Financial Times revealed that the ousted Syrian President Bashar al-Assad's regime secretly transported about $250 million (Rs 2,082 crore) in cash to Moscow between 2018 and 2019. This included nearly two tonnes of $100 bills and 500-euro notes. The cash was flown to Moscow's Vnukovo airport and deposited in Russian banks under sanctions. During this time, Assad's relatives were also discreetly purchasing assets in Russia, according to the report.

According to FT, these transactions demonstrate the lengths to which Assad's government went in order to evade the Western sanctions that forced it to exit the financial system. Assad fled Syria on December 8 after an 11-day rebel offensive led by Hayat Tahrir al-Sham (HTS). This followed years of civil war that began in 2011 when his violent crackdown on anti-government protests sparked unrest. He is currently in Russia. However, over half of the country’s population has been displaced and over 500,000 people have died as a result of the conflict.

Assad has come under fire from a number of opposition leaders who claim that his government is stealing Syria's wealth and using illegal means to pay for the conflict. "The transfers were not surprising," former US Assistant Secretary of State for Near Eastern Affairs David Schenker told FT. "The regime would have to bring their money abroad to a safe haven to be able to use it to procure the fine life... for the regime and its inner circle," he said. Eyad Hamid, a senior researcher at the Syrian Legal Development Programme, highlighted that Russia has long been a refuge for Assad's regime.

Russia has supported Assad for years, but their ties grew stronger when Russian companies became involved in Syria's phosphate industry. Between March 2018 and September 2019, there were massive cash transfers between the two countries—something never seen before. Interestingly, there’s no record of Russian banks receiving $250 million in cash during those two years, according to a Financial Times report. This occurred as Assad and his close allies took personal control of key parts of Syria’s war-ravaged economy. Assad and his associates also profited from international petroleum and narcotics smuggling, the outlet reported, citing U.S. sources.