Economic boom in the Caucasus and Central Asia in a time of Russian immigration

More than 1 million Russians, including many highly skilled professionals, have fled their country in the past two years to avoid economic sanctions and military conscription. Many of these have relocated to the Caucasus and Central Asia, causing a spike in domestic demand and banking-sector profits, while also supporting the development of the ICT sector. While such migration is likely to be a temporary phenomenon, the spill-over effects may result in long-term gains if accompanied by policies to ease immigration regimes, develop cross-border linkages with non-sanctioned economies, improve the environment for entrepreneurial activities and lower the costs associated with international money transfers.