Russia Bypasses Sanctions with Cash Influx

Russia has received $2.3 billion in dollar and euro banknotes since the US and EU implemented export bans in March 2022. Customs data reveal that Russia has circumvented these sanctions, with cash flowing in from countries like UAE and Turkey. Despite efforts to reduce dependency on hard currencies, foreign cash remains in demand.

According to exclusive customs data obtained by Reuters, Russia has successfully bypassed US and EU sanctions by importing $2.3 billion in dollar and euro banknotes since March 2022.

The data, not previously reported, shows that Russia sourced cash from countries including the UAE and Turkey, which have not enforced trade restrictions against Moscow.

Despite the sanctions, the demand for foreign currency remains high among Russians for international travel, small trade, and savings.

(With inputs from agencies.)