Western banks transferred billions in cash to Russia in the final weeks before the invasion of Ukraine. According to an investigation by OCCRP and Paper Trail Media, three major financial institutions—Raiffeisen Bank International (RBI), Brink’s, and Bank of America—sent over 12 billion dollars in foreign currency to Russia. These transfers took place in January and February of 2022, when the threat of a Russian invasion of Ukraine was becoming increasingly evident.
Trade data reviewed by OCCRP and Paper Trail Media shows that the three global institutions moved more than $12 billion worth of foreign currency to Russia just before the full-scale invasion of Ukraine on February 24, 2022. Most of the cash was in U.S. dollars, euros, and Swiss francs.
The largest role in transporting cash was played by the Austrian Raiffeisen Bank International, which made 189 shipments worth around 10 billion dollars. The main currencies in these shipments were U.S. dollars, euros, and Swiss francs. All the transactions were legal at the time they were made, as currency export restrictions were only introduced after the war began.
Data shows that between January 11 and February 23, 2022, TBSS, a Moscow-based importer-exporter, received more than 270 cash shipments to Russia, averaging 44.78 million dollars per shipment. This volume significantly exceeded the usual shipments of previous years. According to information provided by Import Genius, the volume of currency transactions during this period sharply increased, coinciding with the escalation of military activity on the border with Ukraine.
Despite all the shipments being legal, as bank representatives emphasize, their volumes and timing raise questions. David Szakony, a political science professor at George Washington University, noted that this should have raised concerns given the high political risk.
Bank representatives stated that they did not violate sanctions and complied with all legislative requirements at the time of the transactions. For example, Bank of America stated that the shipments were made within historical volumes and were intended to meet the needs of Russian banks. While Brink’s halted all operations with Russia in early 2022, Raiffeisen Bank International began winding down its activities in Russia and later announced plans to sell its assets in the country.
Cash transactions that took place ahead of the invasion could be part of a broader financial preparation by Russia for the war. Experts note that it was important for the Kremlin to gather funds to support its military and political operations in Ukraine.
