Ruble deposits in Georgian banks for July 2026 increased by 32.9% compared to June, reaching 98,605 million lari, which corresponds to approximately 3.1 billion Russian rubles. Meanwhile, year-on-year growth was 48.4%, according to data from the National Bank of Georgia, as reported by BPN publication. The sharp increase in capital inflows coincides with rumors of a possible new wave of mobilization in Russia for the fall.
History of ruble deposits in Georgia
A significant inflow of ruble funds began in July 2022, when the volume of deposits jumped by 177% in one month — from 17,908 million lari in June to 49,591 million lari in July. This coincided with the time of announcement of mobilization in Russia. In subsequent years, the indicator gradually declined, but from July 2023 began to grow again, reaching a peak in March 2025 at the level of 121,021 million lari (approximately 3.7 billion rubles).
Despite impressive growth rates in absolute numbers, ruble deposits occupy a small share in Georgia's banking system. At the end of July 2026, they accounted for only 0.13% of the total volume of all deposits in Georgian banks. The total size of the deposit portfolio of the local banking system reached 73.93 billion lari (approximately 28.1 billion dollars), where the American currency dominates with a share of 77.16%, while the euro accounts for 20.3%.
Mass movement of people across the border
Against the backdrop of rumors of mobilization, tens of thousands of Russians began to actively move to Georgia. In just one week from August 17 to 24, the Verkhny Lars border crossing — the only functioning land border crossing on the Russia-Georgia border — was crossed by more than 113,000 people. According to eyewitness reports, a huge traffic jam formed from the Russian side, where cars were moving at a speed of only 50 meters per hour. This situation was reminiscent of September 2022, when Vladimir Putin announced the first wave of mobilization, and Verkhny Lars also turned out to be the most congested border crossing in Russian territory.
Rumors of new mobilization: sources and reaction
Rumors of a possible new mass conscription have been circulating in the information space for several months. First to speak about this was Ukrainian President Volodymyr Zelensky, claiming that Vladimir Putin plans to send 300 to 500 thousand people to the front because the Russian Ministry of Defense cannot recruit the necessary number of contract soldiers. After this, European officials acknowledged the possibility of such a scenario in case of continued high losses at the front.
Sources from Verstka publication in Russian authorities did not rule out that in addition to mobilization, martial law could even be declared. The American Institute for the Study of War (ISW) identified signs of preparation for a new mass conscription in the Russian army. Meanwhile, official representatives of the Kremlin and the State Duma deny such plans, calling reports of mobilization "information ducks".