In 2022, money transfers from the Russian Federation to Georgia increased by 500% compared to 2021 and exceeded $2 billion, the National Bank of Georgia (NBG) reports, citing updated data from the financial monitoring service.
An explosive growth in remittances has been observed since March 2022 in connection with the start of a special military operation (SVO) in Ukraine. According to this indicator, the Russian Federation has become the absolute leader among the countries from which money transfers are made to Georgia:
- Russian Federation — $2.068 billion;
- Italy — $431.6 million;
- USA – $327 million;
- Greece — $224 million;
- Israel – $199 million.
Basically, the recipients of the funds were Russians who moved to the Caucasian country once morest the backdrop of the NWO. Transfers peaked last year in December: $317.3 million.
Since opening a foreign currency account in Georgia is problematic for Russians due to international financial sanctions, to which Georgia initially joined, various fast transfer systems (mainly Golden Crown) are most often used for transfers.
However, at the same time, according to the order of the NBG, even if the amount is transferred in dollars, a citizen of the Russian Federation can receive cash only in the national Georgian currency, lari, with conversion at the commercial rate.
And the transfer by any means from the Russian Federation to Georgia of an amount exceeding $2,000 is generally prohibited. Therefore, many Russians, wishing to transfer and receive a larger amount, break it into several tranches.
Another order of the NBG prohibits Georgian banks from issuing to Russians a debit or credit card that is valid outside Georgia. Citizens of the Russian Federation, even those who have an account in a Georgian bank, are prohibited from transferring funds abroad.