Both Russia and Ukraine are among the top five export destinations for Georgia. Ukraine accounted for 9.5 per cent of Georgia's exports in January 2022, while Russia accounted for 12.9 per cent (prior to the Russian invasion of Ukraine on 24 February 2022). As for imports into Georgia, Russia accounted for about 11 per cent of total imports (the second-largest share after Turkey), while Ukraine was in seventh place with 4.3 per cent. 

While in 2020, the pandemic reduced Georgia's economic dependence on Russia, in 2021, it grew again, though it had not yet reached the levels of 2019, mainly due to the low numbers of Russian tourists returning to Georgia. Through exports to Russia, Russian visitors, and remittances, Georgia earned about USD 900 million (5.7 per cent of Georgia's nominal GDP) in 2020 and up to USD 1.3 billion (6.7 per cent of GDP) in 2021.

The USAID "Learning, Evaluation and Analysis Project (LEAP III)" project contracted ISET Policy Institute to conduct the Georgia Sanctions Study with the primary objective of roughly estimating the impact of Russian sanctions on the economy of Georgia with deep dives into the agricultural, transport/logistics, and tourism sectors of the Georgian economy. The study analyzed the immediate and longer-term direct impact of Russia's war in Ukraine on the Georgian economy.