The volume of Russian ruble deposits in Georgian banks has risen sharply amid fresh rumors of possible military mobilization in Russia. In July, the figure increased by almost a third over the month, reaching 98.6 million lari—approximately 3.1 billion rubles. Compared to July of last year, the volume of ruble deposits in Georgian banks has grown by 48.4%. This trend was highlighted by BPN, which analyzed statistics from the National Bank of Georgia.

Russians' interest in depositing money in Georgia increased significantly in the summer of 2022. Then, in one month, the volume of ruble deposits increased more than two and a half times—from 17.9 million to 49.6 million lari. After a period of decline, the figure began to rise again, reaching a peak in March 2025, when ruble accounts held over 121 million lari.

At the same time, the Russian currency remains an extremely small part of the Georgian banking market. Rubles account for only 0.13% of all funds deposited in the country's banks. The majority of foreign currency deposits are in the dollar and euro.

The increase in transfers coincided with an increase in the flow of Russians traveling to Georgia. During the week of August 17-24, more than 113,000 people crossed the Russian-Georgian border through the Upper Lars checkpoint. Eyewitnesses reported serious congestion on the Russian side.

A similar situation was observed in the fall of 2022 after Vladimir Putin announced mobilization: Upper Lars became one of the main destinations for Russians leaving the country en masse. In recent months, reports of a possible new wave of mobilization have again circulated.

Previously, Volodymyr Zelenskyy stated that the Kremlin could send an additional 300,000 to 500,000 people to the front. Some European officials also considered the possibility of such a scenario, given continued high losses.

Verstka's sources in the Russian government also did not rule out various options for tightening the situation, including the possible imposition of martial law. The Institute for the Study of War reported signs that Russia was preparing for a new large-scale military recruitment. However, the Kremlin and the State Duma have repeatedly denied plans for a new mobilization, calling such reports rumors and false information.