Russian MP Blames Central Asians for Ruble Depreciation
Mikhail Matveyev, a member of Russia’s State Duma, has attributed the depreciation of the Russian ruble in part to remittances by labor migrants from Central Asia and the Caucasus. In a statement on his Telegram channel, Matveyev argued that millions of migrants working in Russia transfer their earnings abroad, removing significant sums from the Russian economy. According to him, these remittances fuel demand for foreign currencies, such as the dollar, thereby weakening the ruble. Citing statistics, Matveyev claimed that in 2023, labor migrants sent $5.7 billion from Russia to Tajikistan - nearly half of Tajikistan’s GDP. Kyrgyzstan received remittances equal to about one-third of its GDP, while Uzbekistan received over $14.5 billion, accounting for 12-15% of its GDP. Other significant recipients included Georgia (over $2 billion), Armenia (over $3 billion), and Kazakhstan. Matveyev also criticized some of these countries for their stance on Western sanctions against Russia. He noted that several countries in the Eurasia region have joined sanctions targeting Russian banks and refuse to process transactions using the Russian Mir payment system. This, he said, forces migrants to withdraw cash dollars from Russia to transfer home, exacerbating the pressure on the ruble exchange rate. The MP’s remarks came amid a sharp drop in the ruble’s value against the dollar last week. For more than 30 years, millions of Central Asian citizens have migrated to Russia for work. However, recent trends indicate an increase in return migration, driven by Russia’s deteriorating economic conditions, stricter immigration rules, worsening attitudes toward Central Asian workers, and attempts by Russian authorities to recruit immigrants - both with and without Russian citizenship - for military service in Ukraine.
