More than 45,000 Russians have opened bank accounts in Georgia since the outbreak of war in Ukraine - IDFI

Russian citizens open bank accounts in Georgia

According to the Freedom of Information Development Institute (IDFI), from February 24, the day of Russia’s invasion of Ukraine, to August 31, 45,349 Russian citizens have opened accounts in Georgian commercial banks.

IDFI (non-governmental organization) requested the data from the National Bank of Georgia.

As explained by the organization, the opening so many accounts demonstrates migration, and not just tourism to Georgia.

In the second quarter of 2022, exchange offices bought 949.8 million Russian rubles [about $15.8 million] and sold 929.4 million rubles [about $15.4 million]. This is about three times more than in the same period in 2021.

IDFI also writes that as of August 2022, deposits made by Russian citizens in Georgian commercial banks amount to 1.88 billion lari [about $687 million], and after the war, deposits increased by 1.2 billion lari [ about $440 million] (or 170%).

“Most of the deposits made by Russian citizens in Georgian commercial banks are in US dollars,” the organization explains.

Russian citizens open accounts in Georgian banks

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Russian citizens open accounts in Georgian banks

According to the IDFI, in the first seven months of 2022 a total of 1,598 people received Georgian citizenship, of whom 723 are Russian citizens. After the Russian invasion of Ukraine in 2022, 551 Russian citizens and eight Ukrainian citizens received Georgian citizenship as an exception.

According to the same IDFI study, in March-June 2022 there were 64,742 citizens of Russia and Belarus in Georgia. According to the organization, in March-June 2022, 49,505 citizens of Russia and 15,237 citizens of Belarus were in Georgia.

According to the Agency for the Development of Public Services, this year more than 600 companies with the participation of Russian citizens were created in Georgia, and 2,000 Russian citizens have received a residence permit.

From the statistics of the Ministry of Justice, it can be seen that from February 24 to May 1, 2022, 3,386 citizens of the Russian Federation and 2,363 citizens of Belarus were registered as individual entrepreneurs in Georgia.

Russian citizens open bank accounts in Georgia

Russian citizens open bank accounts in Georgia