As the Kremlin massed troops on Ukraine’s border in early 2022, and the threat of sanctions grew, wealthy Russians began flying crates of cash home — with help from Raiffeisen Bank International, Brink’s and Bank of America.
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.
Austria’s Raiffeisen Bank International (RBI) was by far the biggest money mover, sending 189 shipments worth a combined $10 billion.