In March, $223.6 million was transferred from Russia to Georgia, which is 728% more than in the same month last year, the National Bank of Georgia reported.

Amounts transferred from Russia account for 51% of total remittances. In total, in March, Georgia received $438.4 million from abroad, which is 127.1% more than last year. In the first three months of 2023, $678.5 million was transferred from Russia to Georgia, which is almost ten times more than in the same period last year. Italy came in second with $121 million. The United States came in third with $95 million.

The growth of money transfers from the Russian Federation to Georgia primarily affected the strengthening of the national currency from 3.15 lari per $1 in March 2022 to 2.52 lari in March 2023. Moreover, against the backdrop of the Russian-Ukrainian war, many Russian citizens are staying in Georgia to avoid recruitment into the army as well as to circumvent sanctions restrictions.