In August 2026, the volume of money transfers from abroad to Georgia fell by 8.2% year-on-year, dropping from $322 million to $295 million, the news outlet Netgazeti reports.
The primary driver of the downturn was an 88% collapse in remittances from Russia. While $41 million was transferred from the Russian Federation to Georgia in August 2025, by August 2026 this figure had shrunk to $5.1 million, causing Russia to drop from third to 11th place. This steep decline followed the imposition of sanctions against Zolotaya Korona (a major Russian payment and money transfer system). In the wake of these restrictions, the Russian transfer service suspended operations to Georgia.
Netgazeti notes that for many years, Russia consistently ranked first in remittance volumes, although its overall share had been steadily shrinking. In 2012, Russia accounted for 56% of all incoming money transfers, compared to 18% in 2021. Between 2015 and 2021, the decreasing share of Russian transfers was primarily driven by growing inflows from other countries.
Following Russia’s invasion of Ukraine, the trajectory shifted dramatically for a time. In 2022, the volume of remittances from Russia surged fivefold in monetary terms, surpassing $2 billion and reaching a 47% share of the total. During this period, Russia launched its war against Ukraine and many Russian citizens relocated to Georgia. Transfer inflows peaked in the fourth quarter of 2022 following the announcement of “partial mobilization,” when $60 out of every $100 transferred to Georgia came from Russia.
Beginning in 2023, the effect of the migration surge gradually began to wane. In 2024, Russia dropped to third place in remittance volumes for the first time, maintaining that position throughout 2025.
Remittances from Russia:
Source: National Bank of Georgia
In July 2026, the European Union imposed sanctions on the Russian transfer system Zolotaya Korona. While $67 million had been sent to Georgia through the service in August 2025, by August 2026 that volume plummeted by 99.96% to just $29,000.
Regarding other origins, in August year-on-year remittances from the United States rose by 8% (from $59 million to $64 million), from Italy by 4% (from $53 million to $55 million), from Germany by 7% (from $29 million to $31 million), and from the European Union as a whole by 4% (from $144 million to $150 million).
