The Central Bank of Russia has issued information with respect to remittances by individuals in the year past. 

Accordingly, “Russian” annual remittances to Armenia have reduced by $164 million, whose $142 million were in the fourth quarter. 

As a result, Armenia ranks fourth within the Commonwealth of Independent States (CIS) in terms of the greatest annual decline in remittances by individuals.  

Uzbekistan, on the other hand, tops this list with more than $1 billion.  

In terms of percentage, Armenia’s respective annual decline was 10 percent. 

Overall, the “Russian” annual remittances to the CIS have fallen by almost $2.7 billion. 

In addition, the limited entry—and even just outright banning—of migrant workers to Russia also has played a role in this situation.