At the same time, money transfers from Russia to other countries in the region have returned to the levels of 2021. After a significant increase in 2022, caused by the mass exodus of Russians, activity in 2023 has decreased due to the "adaptation effect" and difficulties with international transfers.
For example, in Armenia, the volume of transfers decreased by 59 percent to 1.3 billion dollars, while the previous year it exceeded 4 billion. Transfers to Georgia dropped by 13.6 percent, and to Kazakhstan by 21.8 percent.
Experts interviewed by the publication note that Kyrgyzstan continues to be one of the most convenient financial hubs for both businesses and individuals from Russia. In their opinion, local banks are quite lenient in opening accounts for Russian citizens, which facilitates the resolution of everyday financial issues—from expenses during trips to payments for online services and purchases in online stores, as well as using transfers for currency diversification.
For businesses, there are also several additional advantages, including a simplified company registration process, relatively flexible banking compliance requirements, low taxes, and legislation that allows for legal operations with cryptocurrency.
