How sanctions on Russia are impacting its citizens

Russia’s invasion of Ukraine has rightly drawn criticism from politicians, celebrities, business people, and citizens around the world.

From sanctions aimed at Russian oligarchs and tight controls placed on stock market trading to the removal of Russia from SWIFT and global brands like McDonald’s shutting down some or all of their operations in the country, every level of Russian society is affected.

MoneyTransfers.com compiled our own data and third-party data, to highlight how the war is impacting Russians and the broader economy. We found that interest in transferring money into and out of the country spiked ahead of and during the aftermath of the invasion on February 24. Views of the Russia page on the MoneyTransfers.com site increased by 285% between the three months to 29 December 2021 and the three months to 23 March 2022. The page outlines the different ways to send money from any country in the world into Russia, and to convert any currency into rubles.

Author

MoneyTransfers News Desk

0 minutes

November 29th, 2023

Disclosure

“It is unsurprising that we have seen a spike in interest in money transfers to Russia due to the war. The Russian economy has been hit by huge instability. Citizens – who are already seeing queues outside shops due to panic buying, restrictions on their spending abilities abroad, and a devaluation in their currency – will fear instability in the banking sector and any investments they may have. We saw a similar trend in Ukraine ahead of the conflict when interest in transferring money in and out of the country rose by 173%.”
Jonathan Merry, CEO of MoneyTransfers.com

Related Content

Best Currency Brokers in 2024
May 2nd, 2024
An Overview of AML/CTF
It can be confusing to understand the various laws and regulatory bodies that deal with crime prevention in the money transfer space. Hence, this article looks closely at the rules and processes in place to combat money laundering and terrorism financing. Furthermore, we offer the best specialist transfer companies that abide by these laws, so you can safely send money cross-borders. Top examples include TorFX, VertoFX, and WorldRemit.
May 2nd, 2024
Send Money
When sending money internationally, choosing the right service can save you both money and time. While banks offer online money transfer services, they often charge high fees and exchange rate margins that can eat into your transfer amount. Fortunately, there are other payment service providers that can help you send money faster and cheaper than is possible with traditional banks.
February 13th, 2023
Transfer Money From Overseas to Australia: Tax Implications
Transferring money to Australia can incur taxation depending on the amount sent and the transfer reason. The Australian Taxation Office (ATO) is the regulatory body responsible for collecting taxes on behalf of the country. The business of monitoring money transfers to Australia falls to the Australian Transaction Reports and Analysis Centre (AUSTRAC), the regulatory body to contact when declaring transfers sent to the country.
May 2nd, 2024
Top Personal Finance Blogs In The United States
Mr. Money Mustache is a very inspiring personal finance blog. The blogger is Pete Adeney (yes, he has a mustache!). He has plenty of help, financial advice, and interesting stories. For example, he and his wife retired comfortably at 30. Six years later, he created his blog, developing a loyal fanbase of “Mustachians”.
February 15th, 2023

Contributors

Author

MoneyTransfers News Desk

Money transfers, foreign exchange, remittance and currency research and insights from our newsdesk team.