Economics
Crisis in Russia Puts $13 Billion of Remittances at Risk
- Tajikistan, Kyrgyzstan are reliant on remittances from Russia
- Lockdowns in Russia’s biggest cities have cut migrant jobs
This article is for subscribers only.
Russia’s deepening economic crisis is on the verge of spilling into some of the most remittance-dependent economies in the world.
Migrant workers from the former-Soviet Union send $13 billion home each year from Russia, where they are allowed to work visa-free. But now that money is starting to dry up due to lockdowns in Moscow and St. Petersburg that have halted construction projects and sapped demand for taxis.