The Russian community in Panama is relatively small by local standards, numbering no more than 500 permanent residents according to the Russian consulate. Of these, 96% are women from various regions of the CIS who came here with their Panamanian husbands who studied at universities in the former Soviet Union.

The number of Russians in Panama has significantly increased, largely due to the efforts of the Panamanian ambassador in Moscow, Augusto Fabregas. According to the embassy, the tourist flow has increased several times over the past five years. Some of these tourists decide to stay in the country permanently. It is known that Panama has an interesting and multi-level migration policy. Here, all Russian speakers are referred to as Russians, regardless of their citizenship. There have been cases where the media referred to people with Canadian citizenship and Israeli roots as Russians if they spoke Russian. Overall, the attitude towards Russians in Panama is positive. Russians here can be divided into two groups: those who came in search of a better life and cosmopolitans who chose Panama as their place of residence.

Among the Russians who have settled in Panama are architects, cosmetologists, local university professors, translators, lawyers, bank employees, and musicians. For example, from 1979 to 1997, the company 'Motores Internacionales, S.A.', owned by Russian émigré Lev Iosifovich Rodin, worked in Panama under a long-term contract with the Russian joint-stock company 'AvtoVAZ'. The company employed up to 50 Russians and actively traded Russian cars 'Lada', 'Niva', and 'KamAZ' throughout Latin America, with a turnover of up to 80,000 cars per year.