In March-September of this year, up to 9,500 Russian companies were registered in Georgia, which is 10 times more than the full figure of 2021. A total of 17,000 Russian companies are registered in Georgia, and more than half of them were registered after the start of the war in Ukraine, reads the TI Georgia report on the impact of the Russia-Ukraine war and Georgia's economic dependence on Russia.
According to the report, 97% of the companies registered since March are individual enterprises. According to the organization, this indicates that some Russian citizens moved to Georgia to live and do business for a long time.
"Some of the Russian visitors are actually immigrants and settled in Georgia for a long time. This is indicated by the registration of companies, the statistics of the crossing of the Georgian-Russian border and the opening of tens of thousands accounts in Georgian banks by Russian citizens;
In April-September 2022, remittances from Russia to Georgia increased 5 times and amounted to 1,135 million US dollars. The main reason for such a high growth is the Russian citizens who moved to Georgia and send money from Russia," reads the report.