In 2022, the Russian Federation was affected by two waves of migration. The first one followed the launch of the Russian invasion of Ukraine on February 22 and the imposition of Western sanctions on Russia. The second wave of migration followed the declaration of partial mobilization in September of the same year. Among the post-Soviet countries, the largest number of Russian migrants left for Georgia, Kazakhstan and Armenia. Some migrating Russians intend to stay in the host country for longer, for others it is only a transitional stage before further emigration. This article analyzes the economic aspects of Russian emigration: the flow of people, capital and business to new markets, their impact on macroeconomic indicators and the banking sectors of Georgia, Kazakhstan and Armenia.
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