Billions in dollar and euro notes reach Russia despite sanctions

Approximately $2.3 billion in U.S. dollar and euro banknotes have been shipped to Russia since the United States and the EU imposed a ban on exporting their currencies to the country in March 2022, following the invasion of Ukraine, according to customs data reviewed by Reuters.

These previously undisclosed figures indicate that Russia has found ways to bypass sanctions that block cash imports, suggesting that dollars and euros remain valuable for trade and travel, even as Moscow seeks to reduce its reliance on these hard currencies.

The customs data, sourced from a commercial provider that gathers and compiles such information, reveals that the cash was transported to Russia from countries like the UAE and Turkey, which have not enforced trade restrictions against Russia. The country of origin was not specified for more than half of the total amount recorded.

In December, the U.S. government warned financial institutions of potential penalties for assisting Russia in evading sanctions and has imposed sanctions on companies from third countries throughout 2023 and 2024.

via Reuters