Money transfers between Russia and Kazakhstan fall nearly 12-fold after EU sanctions on Zolotaya Korona payment service
Money transfers between Russia and at least two former Soviet republics — Kazakhstan and Georgia — fell sharply after the EU imposed sanctions on the operator of the Zolotaya Korona payment system in late July, according to data from regulators in both countries reviewed by RBC.
In August, the value of transfers by individuals from Russia to Kazakhstan fell nearly 12-fold to 239 million tenge (45.5 million rubles). Transfers from Kazakhstan to Russia fell more than 14-fold to 1.2 billion tenge (228.2 million rubles).
Transfers by individuals from Russia to Georgia fell to $5.1 million (about 426 million rubles) that month, their lowest level in more than 20 years. Transfers in the opposite direction fell to zero in August for the first time since records began.
Experts interviewed by RBC said sanctions had hurt Zolotaya Korona’s business.
Zolotaya Korona is an international payment system that has operated since 2003. It lets users send and receive money without opening an account, either online or in cash through its network of partners.
Before Russia’s full-scale invasion of Ukraine, one of Zolotaya Korona’s main lines of business was handling money transfers from foreign nationals in Russia to countries in the Commonwealth of Independent States. Following the start of the war, the imposition of sanctions and the departure of Visa, Mastercard, and Western Union — the oldest player in the international money transfer market — Zolotaya Korona became one of the main channels for Russians, including those who had left the country, to send money out of Russia.
Until recently, Zolotaya Korona remained one of the last major Russian payment systems to escape sanctions. The EU sanctioned its operator in July 2026. The service then stopped processing transfers to Azerbaijan, Belarus, Georgia, Kazakhstan, and other countries.
Georgia and Kazakhstan are popular destinations for Russians who left the country because of the war.
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