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Remittances out of Russia increase

Tuesday, June 5
According to the Russian Central Bank, in 2011 labour migrants from neighbouring countries transferred more than $16.7 billion USD in remittances out of Russia, approximately $3 billion higher than the previous year.

Uzbekistan receives the largest amount, at nearly $5 billion, followed by Tajikistan ($2.7 billion), and Moldova ($1.6 billion).

Russia absorbs a significant amount of labour from its neighbours, providing the country with something experts call "economic soft power". Although Russia may not be a political draw for many post-Soviet countries, it still has economic power thanks to its ability to employee foreign workers.