Russians began to transfer money to the countries of the South Caucasus less often
In 2024, Russians began to make money transfers abroad much less often. The largest drop concerns transfers to Georgia - minus 65% ($ 541.2 million). Next comes Azerbaijan - minus 50% ($ 410.7 million).
The financial flow from Russian citizens to Kazakhstan dried up by 44% (only $ 132.8 million), to Armenia - by 13% ($ 3.2 billion).
Experts cite three reasons for the sharp decline in Russian money transfers to the South Caucasus. The first is the disappearance of the mobilization effect. In 2022-2023, a wave of Russians who left received money from the Russian Federation, but now they have either returned or found work locally. The second is the low ruble exchange rate. The third is difficulties in making transfers due to the departure of Russian banks from some countries.
