Russians have reportedly begun moving money to Georgia at a faster pace amid speculation about a possible new wave of mobilization in Russia this autumn.

According to data from the National Bank of Georgia, the volume of ruble-denominated deposits in Georgian banks rose 32.9% in July from the previous month, reaching 98.605 million lari, equivalent to roughly 3.1 billion rubles. Compared with July 2025, the figure was up 48.4%, according to BPN.

Ruble deposits in Georgia first saw a sharp increase in July 2022, when their volume jumped 177% in a single month, from 17.908 million lari to 49.591 million lari.

The figure has fluctuated since then, reaching a peak of 121.021 million lari, or around 3.7 billion rubles, in March 2025. Despite the recent increase, ruble deposits account for only 0.13% of all funds held in Georgian banks.

Total deposits in Georgia’s banking sector reached 73.93 billion lari, or approximately $28.1 billion, by the end of July. The US dollar accounted for 77.16% of foreign-currency deposits, while the euro represented 20.3%.

The latest increase comes amid reports of increased travel from Russia to Georgia. More than 113,000 people crossed the Upper Lars checkpoint on the Russia-Georgia border between August 17 and 24. Witnesses described heavy traffic on the Russian side of the border.

The same crossing became heavily congested in September 2022 following Russia’s announcement of a partial mobilization.

Speculation about another mobilization has circulated for several months, with Ukrainian President Volodymyr Zelenskyy claiming that Russia could seek to send hundreds of thousands more troops to the front. Some European officials and analysts have also discussed the possibility, while reports have cited potential preparations for a new large-scale military recruitment campaign.

However, the Kremlin and Russia’s State Duma have denied plans for a new mobilization, dismissing such reports as misinformation.