New Research: New dynamics in illicit finance and Russian foreign policy

Illicit Financial Flows (IFF) includes a wide range of illicit and illegal cross-border financial activities, including high-level corruption, money-laundering, and sanctions evasion.

This paper examines how Russian actors and proxies are using IFF to support Russian foreign policy goals. It shows how Russia has used illicit finance to fund political interference campaigns, promote disinformation, and support military operations outside Russia, including the international activities of the Wagner network.

Unless effectively countered, Russia's growing use of illicit financial and economic tools will give it an advantage in its war against Ukraine. The Wagner network demonstrates how illicit financial networks can support military proxies in ways that pose a serious threat to international security.