Abkhazia to Reclaim 25 Million Rubles and Strengthen Pension Oversight

Abkhazia has agreed to return 25 million rubles that were improperly received by residents to the Russian Social Fund. The funds in question include pensions paid to relatives of deceased individuals, as well as pensions for Russian citizens living in Abkhazia who were receiving benefits after the passings of their family members. This development was reported by TASS. The decision comes as part of an amendment to the section titled “Other national issues,” which specifies that the 25 million rubles will be used to reimburse the extra payments received by relatives of the late pensioners, according to the Abkhaz parliament’s ruling. A framework for tighter supervision over the use of Russian funds for pension payments and additional benefits to citizens of the Russian Federation who permanently reside in Abkhazia was established through an agreement signed by both countries in 2015 and formally approved by Russia in March 2023. Prior to this, deposits and savings activity in Abkhazia showed notable movement in the early months of 2023, with Russians increasing their deposits in banks within the country. From January to June of 2023, overall deposit volumes rose by a measurable margin, reflecting a broader trend in financial behavior among Russians in the region during that period. There was also mention of reflections on favorable deposit terms and new offers as the New Year approached, indicating continued interest in savings and financial planning among residents and visitors alike.