Russia Acquires $29 Million in Cash from Rwanda Amid Sanctions

Russia acquired over $29 million in cash from the Rwandan Ministry of Defense, according to Russian media “Verstka,” which reviewed closed Russian customs data.

This move comes as Russian businesses shift to cash transactions to circumvent EU and US sanctions that have blocked traditional trade payments.

The transaction occurred in January 2024 and involved $100 banknotes. Russia purchased a total of $29.21 million in cash, with a total weight of 292.1 kg.

Rosoboronexport is Russia's state monopoly on military equipment exports.

To avoid having trade payments blocked in banks due to sanctions, Russian businesses have shifted to cash transactions. The US and EU have closed this loophole by banning the supply of their currencies to Russia. Customs data shows a significant decrease in the volume of imported dollars and euros.

Earlier, Russian investigative project "Systema" revealed a scheme through which approximately $1.5 billion in cash was brought into Russia since the start of the full-scale invasion of Ukraine via "Aero-Trade," a company connected to Putin’s associates Ilgam Ragimov and Arkady Rotenberg. "Aero-Trade" operates duty-free shops in airports across five Russian cities, including Moscow's Vnukovo. The company is owned by the family of businessman Andrei Martynyuk.

In early August 2024, Reuters reported that despite sanctions, Russia had received $2.3 billion in cash dollars and euros since the start of the full-scale invasion of Ukraine, Reuters reported.