Deputy PM: Russia-Armenia trade could halve in 2025

Bilateral trade between Russia and Armenia has already fallen sharply this year and could drop to just over $6 billion by the end of 2025, roughly half the level seen in 2024, Russian Deputy Prime Minister Alexey Overchuk has said.

Speaking to reporters on the sidelines of the Eastern Economic Forum (EEF-2025), Overchuk said that trade between Russia and Armenia has already decreased significantly and is expected to be about half of last year’s level by the end of the year, Caliber.Az reports, citing Russian media.

"So if last year it was $12.4 billion, this year it will probably be around $6 billion, perhaps slightly more,” Overchuk said.

The decline comes as Armenia has begun the process of applying for European Union membership.

Officials in both Russia and Armenia have noted that it is not possible for the country to simultaneously belong to the EU and the Eurasian Economic Union (EAEU), of which it is currently a member alongside Russia, Belarus, Kazakhstan, and Kyrgyzstan.

Earlier this year, Overchuk warned that Armenia’s EU ambitions could negatively affect economic relations with Russia.

He added that Russian businesses had already started to gradually scale back operations in the Armenian market during 2024.

By Aghakazim Guliyev