Armenia faces steep trade losses if it cuts economic ties with Russia – MP

Armenia could lose a significant share of its trade turnover if it breaks economic ties with Russia and has found itself in an economic deadlock, Narek Karapetyan, head of the opposition Strong Armenia parliamentary faction, said.

“Armenian political thought must find solutions to overcome this economic deadlock, because we are moving toward terminating economic relations with a country that accounts for 65% of our trade turnover. And this is happening at a time when we have neither normal economic relations nor exports with the European Union: exports to France have fallen by 10–15% over eight years,” he said at a briefing in parliament.

Karapetyan warned that a deterioration in the economic situation is expected over the next six months.

Commenting on earlier remarks by Strong Armenia party leader Samvel Karapetyan about possible contacts with Moscow to lift the economic restrictions imposed on Armenia, the faction leader noted that such engagement would take place within the framework of parliamentary dialogue.

By Jeyhun Aghazada