Migrants are transferring earnings made in Russia back to their home countries, artificially driving demand for foreign currency and increasing the dollar exchange rate. This was stated by Communist Party of the Russian Federation (CPRF) State Duma (Russia lower chamber of parliament) member Mikhail Matveyev on his Telegram channel.
The MP expressed concern about the scale of financial outflows from the Russian economy linked to migrant remittances to their countries of origin.
According to him, these transfers significantly impact the currency market and weaken the ruble, reports eanews.ru.
“Millions of migrants working in Russia send their earnings home annually. Accurate data on these transfers have been concealed for several years, but available information indicates amounts in the tens of billions of dollars,” Matveyev wrote.
In 2023, remittances from Russia to Tajikistan amounted to US$5.7 billion, roughly equivalent to half of Tajikistan's GDP. Transfers to Kyrgyzstan accounted for about a third of its GDP, while Uzbekistan received 12–15% of its GDP (over US$14.5 billion).
Significant amounts also went to Georgia (over US$2 billion), Armenia (over US$3 billion), and Kazakhstan.
According to Matveyev, migrants and their communities annually purchase foreign currency worth tens of billions of dollars from Russian banks, fueling dollar demand and weakening the ruble.
He also pointed out that many “friendly” CIS countries have imposed sanctions against Russian banks and ceased working with MIR cards, complicating ruble-based transfers from Russia to these states.
This forces migrants to transport foreign currency out of Russia in cash, further pressuring the ruble, the MP added.
Mikhail Matveyev (born May 13, 1968) is a member of the Communist Party and he represents the Promyshlenny constituency in the State Duma.
Stolica-s.su reports that Matveyev announced in December last year that the State Duma would consider a draft law defining the concept of a “compatriot.” According to him, such a person must necessarily know the Russian language and should not represent an independent national state.
Previously, Matveyev had proposed that migrants undergo social adaptation upon entering Russia. He also suggested revoking acquired citizenship for evasion of military service.
In early January this year, Matveyev forecast that when the so-called “special military operation” [Russo-Ukrainian War] ends, clashes with migrants from Central Asia and the Caucasus will begin in Russia. "We are facing a serious clash in a country of two civilizations. They [radical Muslims] are not satisfied with Russia in a secular form, and they are not satisfied with the role of Orthodox civilization. And, of course, all this is very alarming indeed because we see how more and more of our living space in Russia is being reclaimed by them. I think that when the SVO is over, and half a million or more of our guys return from the front, the main clashes like this will begin," Matveyev added.
Since the terror attack on Moscow’s Crocus City Hall in March this year, the Kremlin has taken active steps to complicate the lives of migrant workers in Russia, further tightening legislation in what was already a hostile environment for outsiders.
In July, Moscow region police chief Viktor Paukov said publicly that his main task was to “lighten up the Moscow region so that it won’t be darkened — as it were — by foreigners.”
