Deputy PM: Armenia, Russia set new records in trade

Russian Deputy Prime Minister Alexei Overchuk has said that the trade turnover between Armenia and Russia reached $10.2 billion in the first 10 months of this year, double the figure from the previous year.

Overchuk made this statement during a meeting of the intergovernmental commission on economic cooperation between Russia and Armenia, Caliber.Az reports via local media.

“Our trade and economic relations continue thriving. At least, I can say that mutual trade between our countries is setting new records. The year isn't over yet, so I believe we will surpass last year's figures by the end of this year,” he noted.

The deputy prime minister added that Russia and Armenia have almost entirely transitioned to using national currencies for trade and economic transactions, with the share of the Russian ruble in mutual payments reaching 96.3 per cent.

Moreover, Russia is one of Armenia's key investors, with investments in industrial projects amounting to $3.4 billion. 

Over 40 big Russian companies operate in Armenia, some of which are among the biggest taxpayers contributing to the Armenian state budget, alongside direct investments.

On November 25, Russia's Ambassador to Yerevan Sergey Kopyrkin outlined plans to maintain the momentum of trade growth with Armenia and to reach a record $14-16 billion by the end of 2024. This target is expected to be achieved through joint economic projects. The diplomat noted that in the first half of this year, the trade turnover between Moscow and Yerevan reached $8.3 billion, compared to $7.4 billion for the entire year of 2023.

By Naila Huseynova