Armenian finance minister acknowledges high economic dependence on Russia "Exit from EAEU would be risky"

Armenian Finance Minister Vahe Hovhannisyan has openly addressed the nation's substantial reliance on Russia, stating that contemplating an exit from the Eurasian Economic Union (EAEU) would pose significant risks to Armenia's economy.

The admission came during Hovhannisyan's response to journalists' inquiries in parliament, Sputnik Armenia reports.

Hovhannisyan emphasized the depth of Armenia's dependency on Russia, spanning various facets of the economy, including exports, imports, energy, and other critical sectors.

The finance minister stressed the importance of diversifying dependencies to enhance the nation's sovereignty, acknowledging the necessity to reduce reliance on any single point.

"In any case, dependence on any one point, whatever it may be, needs to be diversified in order to increase one's sovereignty. Now, given the said dependence, leaving the Eurasian Union would be risky," stated Hovhannisyan.

Armenia's admission of its economic vulnerability underscores the complexities of navigating geopolitical relationships and the challenges associated with balancing economic interests and national sovereignty.

The minister's candid acknowledgement sheds light on the strategic considerations Armenia faces in maintaining its economic stability and security in a region with evolving geopolitical dynamics.