in May, transfers from the Russian Federation to neighboring countries decreased for the first time since March 2022 – Kommersant

In May 2023, the total volume of transfers from Russia to Kazakhstan, Georgia, Armenia and Kyrgyzstan amounted to $625.9 million, which is 33% lower than in May 2022. The amount of transfers from the Russian Federation to four neighboring countries decreased for the first time in annual terms since March 2022, reports RBC with reference to the statistics of the Central Banks of the respective states.

The publication clarifies that the banking regulators of Kazakhstan, Georgia, Armenia and Kyrgyzstan take into account money transfers from Russia through the banking infrastructure and money transfer systems Golden Crown, Unistream and Contact. It is noted that the amount of transfers in May 2023 to these countries also decreased in relation to April 2022, when $650.4 million was transferred.

The last time the studied indicator decreased in March 2022 (by 8%), when the Bank of Russia restricted transfers abroad to spouses and relatives in the amount of $5,000 per month. Subsequently, the limit was repeatedly raised and now stands at $1 million (or the equivalent in another currency) on accounts in foreign banks and $10,000 through money transfer systems.

The publication notes that the peak of growth in transfers to four neighboring countries was reached in October 2022 ($1.1 billion). The maximum growth of the indicator in annual terms was recorded in February 2023 (225%) and in October 2022 (210%).

According to statistics analyzed by RBC, in May 2023, the volume of transfers from the Russian Federation to Georgia amounted to $154.7 million (a decrease of 55% in annual terms), to Kazakhstan — $23.7 million (-78%), to Kyrgyzstan — $160.5 million (-35%), to Armenia — $287 million (an increase of 8%).

Read more about how things are with transfers from the Russian Federation to friendly and unfriendly countries, read the material “Kommersant” “Where does the money go”.