diff --git a/changelog/unreleased/pull-3593 b/changelog/unreleased/pull-3593
new file mode 100644
index 000000000..5b90561f2
--- /dev/null
+++ b/changelog/unreleased/pull-3593
@@ -0,0 +1,9 @@
+Enhancement: Improve restic copy performance by parallelizing IO
+
+Restic copy previously only used a single thread for copying blobs between
+repositories, which resulted in limited performance when copying small blobs
+to/from a high latency backend (i.e. any remote backend, especially b2).
+Copying will now use 8 parallel threads to increase the throughput of the copy
+operation.
+
+https://github.com/restic/restic/pull/3593
diff --git a/cmd/restic/cmd_copy.go b/cmd/restic/cmd_copy.go
index 030abc37d..4d7a192e0 100644
--- a/cmd/restic/cmd_copy.go
+++ b/cmd/restic/cmd_copy.go
@@ -176,9 +176,12 @@ func similarSnapshots(sna *restic.Snapshot, snb *restic.Snapshot) bool {
 	return true
 }
 
+const numCopyWorkers = 8
+
 func copyTree(ctx context.Context, srcRepo restic.Repository, dstRepo restic.Repository,
 	visitedTrees restic.IDSet, rootTreeID restic.ID) error {
 
+	idChan := make(chan restic.ID)
 	wg, ctx := errgroup.WithContext(ctx)
 
 	treeStream := restic.StreamTrees(ctx, wg, srcRepo, restic.IDs{rootTreeID}, func(treeID restic.ID) bool {
@@ -188,9 +191,9 @@ func copyTree(ctx context.Context, srcRepo restic.Repository, dstRepo restic.Rep
 	}, nil)
 
 	wg.Go(func() error {
+		defer close(idChan)
 		// reused buffer
 		var buf []byte
-
 		for tree := range treeStream {
 			if tree.Error != nil {
 				return fmt.Errorf("LoadTree(%v) returned error %v", tree.ID.Str(), tree.Error)
@@ -211,32 +214,44 @@ func copyTree(ctx context.Context, srcRepo restic.Repository, dstRepo restic.Rep
 				}
 			}
 
-			// TODO: parallelize blob down/upload
-
 			for _, entry := range tree.Nodes {
 				// Recursion into directories is handled by StreamTrees
 				// Copy the blobs for this file.
 				for _, blobID := range entry.Content {
-					// Do we already have this data blob?
-					if dstRepo.Index().Has(restic.BlobHandle{ID: blobID, Type: restic.DataBlob}) {
-						continue
-					}
-					debug.Log("Copying blob %s\n", blobID.Str())
-					var err error
-					buf, err = srcRepo.LoadBlob(ctx, restic.DataBlob, blobID, buf)
-					if err != nil {
-						return fmt.Errorf("LoadBlob(%v) returned error %v", blobID, err)
-					}
-
-					_, _, err = dstRepo.SaveBlob(ctx, restic.DataBlob, buf, blobID, false)
-					if err != nil {
-						return fmt.Errorf("SaveBlob(%v) returned error %v", blobID, err)
+					select {
+					case idChan <- blobID:
+					case <-ctx.Done():
+						return ctx.Err()
 					}
 				}
 			}
-
 		}
 		return nil
 	})
+
+	for i := 0; i < numCopyWorkers; i++ {
+		wg.Go(func() error {
+			// reused buffer
+			var buf []byte
+			for blobID := range idChan {
+				// Do we already have this data blob?
+				if dstRepo.Index().Has(restic.BlobHandle{ID: blobID, Type: restic.DataBlob}) {
+					continue
+				}
+				debug.Log("Copying blob %s\n", blobID.Str())
+				var err error
+				buf, err = srcRepo.LoadBlob(ctx, restic.DataBlob, blobID, buf)
+				if err != nil {
+					return fmt.Errorf("LoadBlob(%v) returned error %v", blobID, err)
+				}
+
+				_, _, err = dstRepo.SaveBlob(ctx, restic.DataBlob, buf, blobID, false)
+				if err != nil {
+					return fmt.Errorf("SaveBlob(%v) returned error %v", blobID, err)
+				}
+			}
+			return nil
+		})
+	}
 	return wg.Wait()
 }