Over $12 Billion in Cash Transferred to Russia Before Full-Scale Invasion of Ukraine, Investigation Finds

In the months leading up to Russia's full-scale invasion of Ukraine, over $12 billion in cash, including dollars, euros, and Swiss francs, were brought into the country.

Of this, $10 billion was transferred by Raiffeisen Bank, with the remainder sent by Bank of America and Brink’s. The recipient on Russia’s side was customs broker TBSS, though the final destination of the cash is unclear.

This information was obtained by the Organized Crime and Corruption Reporting Project (OCCRP) from ImportGenius, a US-based company that aggregates public international trade data.

Between January 11 and February 23, 2022, 272 shipments were made, with Raiffeisen handling 189. The average value per shipment was $53 million, a significant increase from $13.4 million in the previous five years. Cash was transported from European countries, including Switzerland and the UK, as well as the US and Hong Kong, according to the report.

Shipments continued several days after February 24, 2022, the first day of Russia’s full-scale invasion of Ukraine. Representatives from Raiffeisen, Bank of America, and Brink’s stated they complied with all sanctions imposed on Russia, which took effect after February 24.

Currently, Bank of America and Brink’s no longer operate in Russia, while Raiffeisen remains the last major Western bank still active in the country, despite the threat of US sanctions.

According to Bloomberg, Raiffeisen’s Russian branch has accumulated approximately $4.8 billion in profits since Russia’s banking system was isolated, though access is limited.

TBSS, the recipient of the cash, handles much of Russia’s diamond exports. Its main owner, Sergey Khiryakov, previously held a 30% stake in Brink’s Russia. TBSS was a leading contender to buy the state-owned “Almazny Mir” building in Moscow, which houses a major customs and logistics terminal. However, privatization efforts were delayed due to shareholder conflicts, the report states.

On September 14, 2024, Khiryakov was arrested on bribery charges, with details of the case undisclosed.