According to data from Georgia’s central bank, money transfers from Russia to Georgia saw a significant decline of about 75% YoY in January. This drop is part of a 43% decrease in total money transfers, with the sharp fall in Russian inflows being a major contributor. Despite the decline starting in July 2023, transfers from Russia remain substantially higher than pre-war levels in 2021, playing a crucial role in Georgia’s strong GDP growth in 2022/23.