Money transfers to Georgia declined by 10% year-on-year in September 2026, reaching $285.77 million, according to the National Bank of Georgia. This was $32 million less than in September 2025.
Remittances from Russia continued to fall in September, extending a downward trend that began in August. Transfers from Russia totaled $7.86 million, down by 80% year-on-year. The decline has been attributed to sanctions against the Zolotaya Korona money transfer system. On July 23, the European Union announced its 21st package of sanctions against Russia, targeting the system’s operator, Novosibirsk-based Payment Center, as well as Tsifra Bank.
Nearly half of all remittances received by Georgia in September came from EU countries. The largest sources were the United States, with $63.39 million, up by 6%; Italy, with $53.97 million, down by 0.2%; Germany, with $30.64 million, up by 2.8%; Greece, with $27.57 million, up by 6%; and Israel, with $26.3 million, up by 13%. Transfers from Turkey reached $11.34 million, while those from the United Kingdom totaled $6.53 million.
According to the report, transfers through Zolotaya Korona totaled GEL 376 million in the first eight months of 2026, compared with nearly $475 million in the same period last year. TBC Capital says it is difficult to predict when remittances from Russia will return to pre-sanctions levels.
