Transparency International has released a new study. Georgia's economic dependency on Russia worsened in 2021, according to a local watchdog, following the COVID-19 pandemic-related slowdown in 2020.

However, because to the longevity of the tourism downturn, the economy has not entirely recovered to pre-pandemic levels, according to the research.

TI Georgia, however, warns that Georgia's commercial, tourist, and remittances ties with Russia "carry a danger for the country."

According to the estimate, Georgia earned roughly USD 1.3 billion in 2021 from exports to Russia, as well as remittances and tourist inflows, accounting for 6.7% of the country's GDP. In terms of commerce, the research states that, after China, Russia was the second largest buyer of Georgian commodities in 2021. It goes on to say that Georgia's exports to Russia increased by 38% year on year to USD 610 million, a figure that is greater than before the pandemic. According to the research, ferro-alloys exports topped the list of exported items with a value of USD 172 million.

In addition, according to TI Georgia, Russia received 55% of Georgian wine exports in 2021, which poses "political dangers." The article highlights Russia's 2006 ban on many types of Georgian products, as well as the State Duma's discussion of a ban on wine imports from Georgia in the aftermath of the anti-occupation rallies in Tbilisi in June 2019.

Meanwhile, according to the paper, Russia was Georgia's second-largest exporter after Turkey in 2021. According to the data, Georgia imported items worth over USD 1 billion from Russia, up USD 51 million from the previous year.

According to the research, Georgia is most reliant on Russian wheat and wheat flour imports, which accounts for 94% of total wheat imports.

Natural gas imports from Russia have climbed "substantially" in recent years, according to the research. In 2021, Russian natural gas accounted for 23.15 of Georgia's relevant imports, up from 2.8% in 2018.

Last year, Russia sent USD 411 million to Georgia, accounting for 17.5% of overall remittances to Georgia from overseas. According to TI Georgia, the number was over 25% in 2019.

According to the paper, 213 thousand Russian tourists visited Georgia in 2021, accounting for 11.3 percent of all visitors. While there were more Russians in Georgia in 2021 than in 2020, the number is still 86% below pre-pandemic levels.

Around 7,000 enterprises in Georgia, according to the watchdog, are controlled wholly or substantially by Russian corporations or persons.

According to the study, roughly 1,230 firms were formed between 1995 and 2021, while around 5,500 were registered between 2013 and 2020. In 2018, there were a total of 1,200 registrations which was a new high.