In 2024, money transfers from Russia to Georgia experienced a significant decline, decreasing by 65% to $541 million, a reduction of $987 million, according to data released by the National Bank of Georgia (NBG). This decline is part of a broader trend in transfers from Russia observed in recent years:

• 2021: $411 million
• 2022: $2 billion
• 2023: $1.5 billion
• 2024: $541 million

Total remittances to Georgia in 2024 amounted to $3.36 billion. While the overall volume of transfers decreased compared to the previous year, countries within the European Union emerged as the primary source of remittances, registering an annual growth rate of 10.2%.

The leading source countries for transfers to Georgia in 2024 were as follows:

• United States: $573 million (24% increase from 2023)
• Italy: $567 million (8% increase)
• Germany: $267 million (15% increase)
• Greece: $263 million (7% increase)
• Israel: $249 million

In December 2024, Georgia received a total of $285.39 million in remittances. Notably, 96% of these transfers originated from 24 major partner countries, each contributing more than $1 million that month. Additionally, outbound transfers from Georgia in December 2024 amounted to $34.8 million, reflecting a 7.6% increase compared to the same month in 2023.