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Bashar al-Assad, deposed President of Syria
Bashar Al-Assad had been preparing his escape from Syria for several years and even before he fled to Moscow, when the Islamic rebels took power, he had already sent millions of euros in banknotes to Moscow on planes.
The Syrian dictator went into exile in Russia at the beginning of December, when Syrian rebels Islamic group Hayat Tahrir al-Sham (HTS) took over Damascus, the country’s capital and center of power.
But he was already preparing his escape and over the course of several years, he would have hidden goods and a lot of money.
The British newspaper (FT) reported that between 2018 and 2019, the Central Bank of Syria transported 250 million dollars (more than 237 million euros) in cash for the Vnukovo airportsouthwest of Moscow.
“The unusual transfers from Damascus underscore how , a crucial Assad ally that lent him military support to extend his rule, has become one of the most important destinations for Syrian moneyas Western sanctions expelled it from the financial system”, points out the FT.
In exile, Putin is Assad’s great protector, but there are those who question whether the Syrian dictator can deal with the Russian leader.
Assad and his family have an incalculable fortune
It is not possible to say for sure how much money Assad and his family have “stolen” from the Syrian people.
But the US State Department said in a statement released to the US Congress in 2022, that Assad and his family would have a fortune estimated at between 950 million to 1.5 billion euros.
Assad’s empire includes properties in Dubai, Moscow and Londonas well as dozens of secret bank accounts, tons in euro and other valuable assets.
A fortune also spread among other members of the Assad family.
Public contracts, drug and weapons trafficking
The report presented to the US Congress highlighted that the Assads were “directly or indirectly involved in almost all large-scale economic operations” being carried out in Syria.
Assad had “unrestricted power to conduct and direct state business for companies he controlled through his business fronts”, also analyze Syrian political economist Karam Shaar and political scientist Steven Heydemann in an August 2024 article published by , an independent entity dedicated research and education in the area of social sciences.
This absolute control allowed the dictator to ensure that his companies, or those of his family members, remained with the public contracts for major works in Syria.
Furthermore, the Assads will also be involved in drug traffickingno weapons smuggling and in actions of extortion.
They manage the income from these illegal activities through “apparently legitimate business structures and non-profit entities”, points out the report presented to the US Congress.
In recent years, Assad would have tried to “corner” allies and family members in order to catapult part of their wealth to himself, Shaar and Heydemann also analyze in the article cited.
The two authors refer, in particular, to a dispute with a billionaire cousinRami Makhlouf, who was placed in house arrestbefore Assad took over his empire.
Money hunting can be difficult
With Assad’s flight to Russia and the disappearance of millions from Syria’s state coffers, “there will be a hunt for regime assets at an international level”, analyzes former White House official Andrew Tabler, whose past work was trying to identify the assets of the Assad family.
But the dictator and his followers “had plenty of time before the revolution to launder their money”, notes Tabler, highlighting that “always had a plan B and are now well equipped for exile.”
While the Assads can live off their immeasurable wealth, the majority of the Syrian people face economic hardship. International organizations estimate that 69% of the population lives in povertywhich is about 14.5 million people.
Syrian humanitarian organizations are calling for Assad’s wealth to be found and returned to the country. But it may not be that easy to get the money.
