After EU sanctions, the volume of transfers between Russia and Kazakhstan fell 12-fold

After EU sanctions, the volume of transfers between Russia and Kazakhstan fell 12-fold

The volume of money transfers between Russia and at least two countries of the near abroad — Kazakhstan and Georgia — dropped sharply after the European Union imposed sanctions in late July on the operator of the Zolotaya Korona payment system. This is shown by statistics from the regulators of Kazakhstan and Georgia, which RBC reviewed.

In August, the volume of payments by individuals from Russia to Kazakhstan fell almost 12-fold, to 239 million tenge (45.5 million rubles). The volume of payments from Kazakhstan to Russia fell more than 14-fold, to 1.2 billion tenge (228 million rubles).

Transactions by citizens from Russia to Georgia over the same period fell to their lowest level in more than 20 years, to $5.1 million (about 426 million rubles). Transfers in the opposite direction fell to zero in August for the first time in the entire history of the statistics.

After the start of the war, sanctions, and the departure of Visa, Mastercard, and Western Union, the oldest player in the international transfers market, Zolotaya Korona became one of the main channels for Russians to send money from Russia abroad, including for those who had left the country. Georgia and Kazakhstan are popular countries among those who left.

@meduzalive