Documents reviewed by The Telegraph indicate a state-owned Russian bank shipped about $2.5bn in cash to Iran in 34 consignments during 2018, moving nearly five tonnes of banknotes by rail and sea. The transfers, routed from Promsvyazbank in Moscow to Iran’s central bank in Tehran, began days after fresh US sanctions and are believed to have used €500 notes. Experts say the covert deliveries could have been intended to stabilise Iran’s economy, pay for military equipment, or otherwise support the regime, and warn similar operations may be happening again amid deeper Russia–Iran ties.
Revealed: Russia’s Secret $2.5bn Cash Shipments To Iran — 2018 Records And What They Mean
Vladimir Putin with Ayatollah Ali Khamenei in Tehran in 2022. Russia would see the collapse of the Iranian regime as a serious loss, experts said - AFP via Getty
Documents reviewed by The Telegraph and trade records from ImportGenius show that a Russian state-owned bank transferred roughly $2.5bn in physical banknotes to Iran in 34 bulk consignments during 2018. Nearly five tonnes of currency were moved over a four-month period, in what investigators say were covert deliveries intended to help Tehran circumvent financial sanctions.
Trainloads of cash from Moscow ultimately arrived in Tehran, records show - and the shipments may continue today - Atta Kenare/AFP via Getty
How The Shipments Worked
The first documented shipment left on Aug. 13, 2018 — about a week after then-president Donald Trump issued new sanctions on Iran. Individual consignments were recorded with values between $57m and $115m. Investigators estimate the notes were stacked in €500 denominations based on the shipments' weight and declared values. The likely route was rail from Moscow to the Caspian port of Astrakhan, maritime transport across the Caspian Sea to Amirabad, and rail onward to Tehran.
0602 How Russia and Iran transport cargo
Who Was Involved
The transfers are recorded as moving between Promsvyazbank in Moscow and Iran's central bank in Tehran. Promsvyazbank had been taken over by the Kremlin in 2017, repurposed as a lender serving defence-sector clients, and later became the target of UK and US sanctions. Petr Fradkov was the bank's head at the time; Iran's central bank was led by Abdolnaser Hemmati during the period of the transfers.
Petr Fradkov, former head of the Promsvyazbank, was sanctioned by Britain and the US - Getty
Expert Assessments And Possible Uses
Anna Borshchevskaya, an analyst of Russian policy toward the Middle East, described the transfers as part of Moscow's toolbox for 'propping up' allied regimes during crises.
Asha Castleberry-Hernandez, a former US State Department adviser, said cash shipments enabled covert support that is harder to trace.
Ariane Tabatabai, a senior aide to the US special envoy for Iran, suggested the cash could have been used to buy military equipment, missile systems, components, or to finance organisations such as the IRGC, given Iran's exclusion from SWIFT and other conventional channels.
Context And Contemporary Concerns
Observers say the 2018 shipments followed a period of violent suppression of domestic protests in Iran and broader economic pressure from sanctions. Analysts warn the transfers could have been intended to stabilise Iran's currency, pay for military purchases, or support regime survival. With Russia and Iran deepening security ties — including Iran's supply of Shahed drones and missile components to Russia — experts caution similar operations may be occurring again amid renewed unrest and geopolitical tensions.
America is building up its military in the Gulf in response to widespread protests in Iran - ZACHARY PEARSON
What The Records Show And Limits
Trade and customs filings compiled by ImportGenius and reviewed by The Telegraph form the basis of the disclosures. Both banks were contacted for comment. While the documentation establishes recorded consignments and routes, direct proof of how the cash was ultimately used remains inferential and rests on expert analysis and contextual evidence.
Iranian soldiers on parade in Tehran last year. Russia is working hard to shore up the regime - Majid Saeedi/Getty
Implications
The case underscores how physical cash can be used to evade financial controls and highlights the difficulty of tracing state-to-state assistance when it is routed outside formal banking systems. It also raises policy questions for governments monitoring sanctions evasion, military supply chains, and covert support networks.
Sources: The Telegraph; ImportGenius; statements from named experts and US officials.
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