The rapid depopulation that covered vast regions of Central and Eastern Europe has had long-lasting consequences not only for their socioeconomic, but also political development. For unrecognized polities, the ability to retain population became an important criterion for successful competition with the mother state for citizens’ loyalty, the legitimacy of political regimes, and claims to sovereignty. The aim of the study is to identify the impact of depopulation on the socioeconomic situation and political life of the unrecognized Pridnestrovian Moldavian Republic (PMR, or Transnistria) in comparison with the Republic of Moldova (RM). On the basis of official statistics, the authors compare the rates, factors, and reasons for population decline in the PMR and RM. The consequences of depopulation typical of Central and Eastern European countries and specific to Transnistria and Moldova are shown. Assessment of migration losses in general for these territories and their individual regions shows that population outflow in Transnistria began earlier and was more intensive than from the Republic of Moldova. In Moldova, depopulation is intensifying the identity crisis and contradictions between Moldovans and supporters of unification with Romania; in the PMR, the instability of political life, uncertainty of the region’s prospects, and an increasing critical attitude towards the authorities.