Money transfers from Russia to Georgia fell by 11% year-on-year to $304.7 million in the first nine months of 2026, with remittances plunging 88% in August and 80% in September.
The sharp decline is linked to EU sanctions announced in July as part of its 21st sanctions package against Russia. The measures targeted the Payment Center in Novosibirsk, operator of Zolotaya Korona, a popular money transfer system, as well as Tsifra Bank.
Transfers from Russia totaled just $5 million in August and $7.8 million in September, the lowest monthly figures on record. Over the first nine months of the year, remittances from Russia were lower only during the pandemic period of 2020–2021.
The decline contributed to a 10% year-on-year drop in Georgia’s total remittances in September, to $285.7 million. Russia ranked seventh among the largest source countries, down from first place in previous years. Transfers from Russia have been declining since 2023, falling 69% by 2025.
