I'm in Armenia this week and there's an interesting phenomenon taking place here. Housing prices are going through the roof. Rentals are getting hard to find, and rates are up 30-300% nationwide. Why? Russians. They are everywhere.

Up to 40 flights a day arrive in this tiny country from Russia. Those arriving are often not planning to return to their homeland soon, or ever. They are fleeing the economic devastation being felt in their country because of the sanctions imposed after Russian President Putin embarked on the first war in Europe in 80 years.

Armenia is one of the few places left where Russians can go. They are being banned from traveling to western countries, and Armenia is a cheap, culturally similar safe haven.

Local media reports more than 50,000 Russians have arrived here since the beginning of the war. And they aren't just looking to escape sanctions. Many are fleeing the possibility of being conscripted into the military and sent to Ukraine.

There are also Ukrainian refugees here in Armenia. That makes for an interesting dynamic at local restaurants and coffee shops.

I spoke with one thirty-something Russian entrepreneur who fled here a few weeks ago. He says he does not support Putin or anything Russia is doing right now. "I was working in San Francisco and returned home to Moscow during the COVID crisis. I was hoping Russia would move more toward democracy. Sadly, that isn't happening." He said.

He and his young wife and baby have been squeezed financially by the sanctions, and they blame Vladimir Putin. He said many young professionals feel the way he does, and that it's the lower classes who will likely continue to support the Russian president no matter what.

I'm going to do some reporting on this over the next couple of days. Stay tuned.