Moscow: Russian rail firm has invested all revenues in Armenia for years

Russian Deputy Foreign Minister Mikhail Galuzin has said that the South Caucasus Railway (SCR), a subsidiary of Russian Railways, has for years invested all of its revenues in maintaining and developing Armenia’s railway infrastructure.

Galuzin made the remarks while commenting on the situation surrounding Russian economic operators in Armenia, rejecting claims that the Russian presence is undermining the country’s competitive advantages.

“We take with the utmost seriousness statements by the Armenian leadership about the need to sell to a third country the concession held by CJSC South Caucasus Railway, a subsidiary of Russian Railways, to manage Armenia’s railway network,” Galuzin said.

According to the Russian diplomat, it has been argued that the presence of a Russian company exposes Armenia to the risk of Western sanctions and therefore limits its economic opportunities.

“In reality, the opposite is true — for many years, the Russian company has been investing all its revenues in maintaining, modernizing and developing Armenia’s railway infrastructure,” Galuzin said.

By Vafa Guliyeva