Unprecedented Financial Flow to Russia: Millions in Purchases from Wildberries

During the first five months of this year, unprecedented amounts totaling $303.1 million have been transferred from Armenia to Russia by individuals through banks, marking a 79.6% increase or $134.3 million compared to the same period last year. This information was reported by NEWS.am after analyzing official data released on the Central Bank of Armenia's website.

Notably, in May alone, individuals transferred $117.6 million from Armenia to Russia, which is 3.8 times higher than the $93.3 million transferred in May 2022.

Economist Suren Parsyan explained in an interview with NEWS.am that the unprecedented volume of transfers is mainly attributed to the increase in purchases made by Armenian citizens from the online store Wildberries. “In recent years, online trade volumes through this Russian platform have sharply increased in Armenia, primarily due to the low prices of offered products and the wide variety available. This activity is confirmed by the rise in bank transfers to the Russian Federation,” noted Parsyan.

It is worth mentioning that recently Armenian citizens have been purchasing even essential food items at lower prices from Wildberries, including flour, buckwheat, and pasta. As for non-food items, residents are buying not only clothing and footwear but also medications and baby diapers through this platform. As a result, there are daily queues at the Wildberries office.

According to NEWS.am, in response to the increased demand, Wildberries plans to open its sorting center in Armenia soon, which will further contribute to the growth of purchases from this platform.