Sanctions against Russia to lead to crisis of money transfers on CIS area


May 16, Fineko/ Problems with money transfers from Russia due to Western sanctions threaten the incomes of Central Asian and Transcaucasian countries and threaten to reduce the confidence of developing countries in international transfer systems (including SWIFT).

ABC.AZ reports that the economic problems of the Russian Federation may worsen the problem of poverty in the region.

By the end of this year the cash flow to low- and middle-income countries in Europe and Central Asia will decrease by 1.6%, although last year this figure increased by 7.8%.

The most affected countries are Kyrgyzstan, Tajikistan (32%), Uzbekistan (22%) and Armenia (21%), which experienced a 19% decrease in officially registered bank transfers.