Moscow warns Armenia may lose up to $1.5 billion as Russian tourism declines

Armenia’s losses from a reduction in tourism from Russia could amount to up to $1.5 billion, while the European Union will not be able to compensate for these figures, Russian Security Council Secretary Sergey Shoigu warned.

He noted that the EU can only allocate limited funding to Armenia, which is insufficient to offset the losses associated with reduced Russian tourist flows, Caliber.Az reports per Russian media.

“The European Union can allocate small amounts — for example, €1.5 million for the development of so-called ‘independent media’. Or, for instance, €2.2 million for supporting visa liberalisation,” he said.

Armenia’s tourism sector has become highly sensitive to fluctuations in Russian visitor flows, since Russia has remained the dominant source market for years, especially after 2022, when arrivals surged due to relocation and post-war mobility trends.

However, by 2024–2025, this “temporary spike” began normalising, and statistical data showed a noticeable decline in Russian arrivals, which directly pulled overall inbound tourism numbers downward despite growth from Europe and other regions.

At the same time, political and economic frictions between Moscow and Yerevan have increasingly spilt into broader economic channels, including transport, trade, and mobility, creating indirect pressure on tourism flows and spending patterns.

Russian officials have also warned that deeper Armenian integration with the EU could reduce tourist inflows from Russia due to potential visa regime changes and shifting travel conditions, which is viewed in Moscow as a strategic economic risk for Armenia’s tourism-dependent economy.

By Jeyhun Aghazada