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Russian Remittances to CIS Countries Explode

Remittances from Russia to some of the CIS (Commonwealth of Independent States) countries exploded last year. Transfers to Armenia, Azerbaijan, Georgia and Kazakhstan were up to 4-6 times higher than in 2021. Certainly, part of this is due to the migration of Russian citizens to these countries. But we are pretty sure that such high inflows cannot be attributed to emigration alone.

At the same time, we observe increasing German exports to these countries. Last year, exports to Armenia and Kazakhstan almost doubled.

We wonder if, circumventing Western sanctions might have anything to do with it…