Armenia readies "Plan X" as Russian gas price hike looms

Armenia would activate a “Plan X” if Russia raises the price of gas supplied to the country, Armenian Central Bank Governor Martin Galstyan has said.

“If Russia raises gas prices for Armenia, it would be an apocalyptic scenario,” Galstyan said.

According to Galstyan, such a development could have a double effect on Armenia’s economy, including higher overall inflation or an economic downturn, Sputnik Armenia reports.

Galstyan added that a rise in the cost of Russian gas would not trigger “Plan A” or “Plan B”, but “Plan X”, and said the Central Bank’s response would have to be unconventional.

Earlier, Russia’s Gazprom Armenia said it would temporarily suspend natural gas supplies from Russia to Armenia from September 15 to 25 due to planned maintenance on a pipeline inside Russia. The suspension began today and will last for 10 days.

Domestic gas reserves and additional supplies from Iran will supplement Russian gas supplies during the shutdown, the company said.

By Aghakazim Guliyev