Money transfers from Russia to Armenia increased fivefold

In the first quarter of 2023, Russians transferred $1.2 billion to Armenia. This is five times more than in the same period of 2022, according to the Central Bank of Armenia.

Transfers of citizens of the Russian Federation accounted for 77.1% of the total money receipts to Armenia. In 2022,110,000 people moved from Russia to this country and stayed permanently. 

According to the Armenian government, the move of Russians contributed to the significant economic growth. Of the total increase of 12.6%, Russian re-location provided more than 3%.