Western banks sent billions in cash to Russia on eve of Ukraine invasion, data shows

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. None of those shipments were illegal, as currency export bans were not imposed before the full-scale invasion. Brink’s and Bank of America said they no longer do business in Russia, while RBI is winding down its operations. All three institutions emphasized in comments to reporters that shipments had not violated any laws. The cash was all received by TBSS, a now-sanctioned Moscow importer-exporter whose headquarters also includes government entities, such as the Russian customs authority. Weeks after the invasion, both the European Union, and the U.S., outlawed the export of euros and dollars to Russia. Records point to a dramatic escalation in large imports of cur.......