The majority of transfers to Armenia come from Russia, and flow out  to Switzerland, the UAE and the USA

ArmInfo. In Q1 2025, the net inflow of private transfers to Armenia decreased by 48.4% per annum  (compared to a decline of 49.6% the previous year), totaling $143.6 million. Specifically, the inflow increased by 4.7% to $1.3 billion, while the outflow rose by 20.5% to $1.1 billion, according to data from the Central Bank of the Republic of Armenia.

Moreover, the dynamics of non-commercial transfers show different  directions for inflow and outflow. The inflow increased by 2.1% (to  $230.2 million), while the outflow decreased by 15%  to $98.9  million, resulting in  a 20.3% increase in  net inflow  to $131.3  million. According to the source, the largest volume of transfers  comes to Armenia from Russia ($819.6 million), and flows out to  Switzerland, the UAE and the USA (a total of $573.5 million). In the  first quarter, the primary inflow of transfers from Russia amounted  to $819.6 million (annual growth of 3.1%). The  USA followed  in  second place with $157.7 million (annual decline of 2.1%),. The UK  ranked third with  $33.6 million (annual growth of 81%). Switzerland  comes in forth with $26.5 million (annual growth of 37%) and the UAE  ranked fifth with $24.3 million (annual growth of 49%).

Switzerland led the outflow of transfers from Armenia with $234.4  million (annual growth of 2.7 times).  The UAE followed in second  place with  $169.99 million (annual decline of 4%). The USA ranked  third with $169.1 million (annual growth of 17.3%). Russia came in  forth with $154.2 million (annual growth of 11.5%), and  the UK   ranked fifth with $36.7 million (annual growth of 81%).

Russia's share has slightly decreased over the year both in the  inflow from 65.4% to 64.4%, and in the outflow - from 14.8% to 13.7%.  The UAE's share in the inflow is still minor, increasing from 1.3% to  1.9%, while in the outflow it has decreased from 18.9% to 15.1%. The  US share decreased in both  the inflow from 13.3% to 12.4%, and in  the outflow from 15.4% to 15%. Switzerland's share in the inflow did  not increase much, going from 1.6% to 2.1%, but in the outflow it  jumped from 9.4% to 20.8%. The UK's share increased in both the  inflow - from 1.5% to 2.6%, and in the outflow jumping from 2.2% to  3.2%. For comparison, a year ago Russia was again the leader in the  inflow of transfers, with the lead  in the outflow passing to the  UAE. Experts attribute this shift to "gray deals" with gold and  diamonds, as the UAE was then the main re-exporter of these  precious  metals and stones, with re-imports coming from Russia. 

Customs data indicate that the lion's share of diamonds and gold  imported from Russia are then primarily exported to the UAE. Thus, in  the first half of 2024, Russia accounted for 77%  of diamond imports  and 99.7% of gold imports,  with the UAE being the main  export  destination (77% diamonds and 64% gold).  While the final customs  data for the entire 2024 has not yet been released,  it is highly  probable that the trend will continue. This pattern began to emerge  towards the end of 2023, with 46.7% of diamonds and 99.2% of gold  coming from Russia and being mainly exported to the UAE (84.6%  diamonds and 71.4% gold).