Together with the start of the war in Ukraine and together with the imposition of sanctions against the Russian Federation, the commercial relations decreased significantly. Respectively, the transfers for business purposes also decreased. But the transfers made by private individuals from Russia to Moldova have grown, said the governor of the National Bank of Moldova Octavian Armașu, who noted that it is hard for him to pronounce exactly on the nature of this phenomenon, IPN reports.

“The transfers are made primarily through international payment companies, usually in dollars or euros and, respectively, go through the AML filters of Western banks. This rise in transfers by private individual from the Russian Federation to the Republic of Moldova is partly due to the fact that many Moldovans who were in the Russian Federation when the war started and when these harsh sanctions were imposed accumulated earnings and now they gradually transfer these home, to the Republic of Moldova, as they probably consider that the Republic of Moldova is a safer place than what the Russian Federation is now,” the governor stated in the podcast “Given sense to money” that was launched by the central bank.

According to him, the traditional partners from the EU continue to dominate by the share of transfers to Moldova and from Moldova as these are the main trade partners. Among the EU member states, Romania accounts for the largest share of the trade with Moldova. Things here are stable and continue to gradually develop.

“There is particular development as regards the relations with Ukraine. As we said earlier, some of the supply chains were interrupted, but new ones appeared. We became a connection for supplying Ukraine with oil products and financial flows respectively go through the Republic of Moldova, which is something newer. Other older chains disappeared and some of the products we imported from Ukraine are no longer imported,” stated Octavian Armașu.