Spending by Russians on UK hotel stays and shopping fell by 28% last year largely due to the plunge in the rouble.
The findings, from tax-free experts Global Blue, are an illustration of the extent to which the fall in the rouble is curtailing rich Russians’ ability to travel and spend.
A 50% fall in the value of the Russian currency means foreign spending is twice as expensive for them.
Some of the shortfall was made up by Hong Kong shoppers, who spent 9% more.
Russians had been among the top five biggest-spending non-EU tourists in the UK, but have now fallen out of the top ten.
Global Blue, which introduced the concept of tax-free shopping 30 years ago, processes 80% of all such spending in the UK.
Non-EU residents can claim back the VAT on their shopping – worth 20% – on spending above £30 at shops and hotels, by filling in a form.
Overall spending was down 3% from 2013 to 2014, although December spending helped make up some ground as it rose 11% to reach a record.
Christmas was becoming an increasingly popular time for non-EU visitors, said Gordon Clark, UK country manager of Global Blue.
“2014 was a turning point for how Christmas is a key period for international spend, a trend which we expect to continue,” he told the BBC.
With revenue from Chinese tourists up 20% in December, the company says services and the ability to avoid Chinese luxury taxes are another two reasons the UK is attractive to theose shoppers.
It said Middle Eastern nations’ spending overall also rose strongly, with December spending by Qatari and Kuwaiti visitors up by 33% and 24%.
Qatari shoppers spend the most per transaction – £1,406 – compared with the average of £633 per transaction.
VisitBritain is predicting a recovery of 4.5% in spending to £22.2 billion this year.