Russia-Armenia trade turnover to continue shrinking, deputy PM says

Trade turnover between Russia and Armenia has fallen by two-thirds in 2026 compared with the previous year and will continue to decline, Russian Deputy Prime Minister Alexey Overchuk told reporters.

“We have been telling our Armenian colleagues over the past three to four years that such risks exist, including the risk of a decline in trade turnover,” Overchuk said.

According to him, bilateral trade between Russia and Armenia reached its peak in 2024, totalling around $12 billion. Last year, it decreased to approximately $8 billion.

Overchuk described the decline in trade turnover between the Eurasian Economic Union (EAEU) and Armenia as predictable. “The situation is such that, obviously, it will continue to decline further,” the deputy PM stressed.

Since late May, Russia's Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) has gradually introduced bans on the import of various goods from Armenia. Restrictions have affected flowers, tomatoes, cucumbers, strawberries, cherries, apples, alcohol and dairy products.

Russian authorities say the measures are temporary and are linked to phytosanitary requirements.

By Jeyhun Aghazada