Despite sweeping Western sanctions and restrictions on cash imports, Russia’s military-industrial complex has continued to find ways to obtain foreign currency. Since the start of the full-scale invasion of Ukraine, Russia has relied on a network of global partners willing to deliver large quantities of hard currency directly into its hands.
At the core of this system is Rosoboronexport, Russia’s sole state intermediary for arms trade, along with a cluster of defense companies. Customs data from commercial aggregators reviewed by Nordsint shows that these entities have received hundreds of kilograms of foreign banknotes since 2022—sometimes labeled in customs documents simply as “legal tender”—from both foreign ministries of defense and private intermediaries. Other times, shipments are expressly labeled with the foreign currencies they contain.
Some Russian companies receiving these shipments are under sanctions by the United States and the European Union, while others appear to have slipped under the radar of sanctions entirely.
Myanmar: Banknotes for Aircraft Components
One of Moscow’s active global partners is Myanmar’s ruling junta. Since seizing power in 2021, Myanmar’s military has leaned heavily on Russia for weapons, aircraft, and technical support. In return, it has delivered cash.
Throughout the course of the ongoing Myanmar civil war, junta forces have conducted indiscriminate air attacks against civilian targets. Rosoboronexport and the Russian state-owned aircraft conglomerate United Aircraft Corporation sent shipments of aircraft parts and technical documents to the Myanmar Directorate of Defense Procurement as well as Sky Aviator Company Limited, a supplier of aircraft components to the Armed Forces of Myanmar.
MiG-29 of the Myanmar Air Force at Magway Airport (Google Maps)
Shipments from the Directorate of Defense Procurement of Myanmar display large transfers of currency. In October 2023, customs filings show a 492.5-kilogram package sent from the directorate to Rosoboronexport. The shipment was described as “legal tender banknotes” valued at 50 million. Though no denomination was listed, the weight aligns with the equivalent in American $100 bills.
Turkmenistan: Euros and APU
Another set of payments to Russia came from Turkmenistan’s Ministry of Defense. Unlike Myanmar’s ambiguous shipments, these transfers were more explicit.The Aircraft Repair Enterprise “Motor,” a Russian company specializing in auxiliary power unit (APU) repairs for Soviet-era helicopters such as the Mi-8 and Mi-24, imported 10 kilograms of euro banknotes from Turkmenistan’s MOD. The company also received a smaller delivery of coins. According to its own figures, Motor has repaired over 1,635 AI-9 engines.
Mi-24 helicopters of the Armed Forces of Turkmenistan (Embassy of Turkmenistan)
Turkmenistan’s MOD also sent direct payments to the United Aircraft Corporation, a Russian state-owned aviation conglomerate. A shipment of 0.6 kilograms of banknotes with an indicated value of 110,000 (without a specific national currency) was accompanied by another shipment labeled as “base metal coinage.”
Hydroaviasalon LLC, a subsidiary of the Beriev Aircraft Company, also appears in the records. Customs filings show that the company imported 74 kilograms of banknotes from Turkmenistan’s Ministry of Defense, valued at 34,954,271.44. The denomination was not specified, but the sum and weight suggest payment in either euros or U.S. dollars, consistent with other transfers to Russian firms such as Motor. In addition, Hydroaviasalon received a smaller shipment described as “base metal coinage.” The Beriev Aircraft Company itself is sanctioned by both the EU and the US, but its subsidiary remains untouched.
Turkey
NATO member Turkey also exported banknotes to Russia. The Turkish Defence Industry Agency sent a shipment of banknotes weighing 23.4 kilograms and valued at 5 million to Rosoboronexport. Customs documents do not specify the denomination of the banknotes, but the declared value of the shipment could possibly be created using €200 and €500 bills. Previously, in August 2024, Reuters reported that Turkey was a hub for banknote imports to the Russian Federation.
Rwanda: U.S. Dollars
In Africa, Rwanda has emerged as a notable partner. According to investigative outlet Verstka, Rosoboronexport received a shipment of U.S. dollars from the Rwandan Ministry of Defense in January 2024 containing $29,100,000 in the form of $100 bills.
Customs data shows that prior to the January 2024 shipment, Rwanda’s MOD conducted an even larger trade. On September 28, 2023, a 327.6-kilogram package of banknotes arrived in Russia from the Rwandan Ministry of Defense. Considering the contents of the January 2024 shipment, this shipment likely contained U.S. dollars as well.
Article by Ryan X (Lead Researcher)