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How sanctions on Russia are impacting its citizens

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. 

“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,”

said Jonathan Merry, CEO of MoneyTransfers.com. 

“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%.”

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