Half of money transfers to Armenia come from Russia – Alpha Economics

According to World Bank data, the net inflow of non-commercial funds to Armenia in October rose by 31.2%, driven by an almost twofold rise in transfers from Russia.

The reasons for this growth require separate study, but overall it reflects the increase in human and financial capital as a result of the Russia–Ukraine war. It is important to emphasize that the majority of money transfers to Armenia—specifically, half of the total volume—come solely from Russia.

Take, for example, the final figures for 2024. A study of transfers by country shows that a total of 2,337,652 transfers were made, of which 1,188,876 originated from Russia.

In the case of the other five leading countries—France, the United Kingdom, Georgia, and Greece—the situation is far less significant. According to more recent data, the total number of transfers in October of this year was 214,437, with 118,140 again coming from Russia. In other words, both the consolidated figures for the previous year and the current operational data confirm that the largest number of transfers originate from Russia.

The same pattern is evident in monetary terms. In October of this year, money transfers amounted to $78.013 million, of which $38.902 million came from Russia alone.

In fact, Russia provides a significant share of foreign currency inflows to Armenia in this area. In another area that ensures foreign currency inflows—foreign trade turnover, particularly exports—Russia is again the leading partner. Setting aside the objective and subjective factors behind this picture, the reality is clear.

Therefore, in any integration process, maintaining the “red line” of sovereignty in a way that is understandable to partners is both right and necessary, but it must be pursued with full consideration of Armenia’s objective economic dependence.