International
Exclusive: Billions in dollar and euro notes reach Russia despite sanctions
By Gleb Stolyarov, Filipp Lebedev and Alexander Marrow
US and EU banned banknote exports to Russia in 2022.
Russia continues to import them, albeit in smaller volumes
Cash is still easier for some trade transactions.
Some imports are payments to Russian state arms companies
LONDON, Aug 12 (Reuters) – Around $2.3 billion in dollar and euro bills have been shipped to Russia since the United States and EU banned the export of their banknotes there in March 2022 following the invasion of Ukraine, according to customs data seen by Reuters.
The previously unreported figures show Russia has managed to circumvent sanctions blocking cash imports, and suggest that dollars and euros remain useful tools for trade and travel even as Moscow strives to reduce its exposure to hard currencies.
The customs data, obtained from a commercial supplier that records and compiles the information, shows cash was transported to Russia from countries including the UAE and Turkey, which have not imposed restrictions on trade with Russia. The country of origin for more than half the total was not stated in the records.
The U.S. government in December threatened penalties for financial institutions that help Russia circumvent sanctions and has imposed sanctions on companies from third countries throughout 2023 and 2024.
