Russian official: Armenia’s EU outreach cost bilateral trade $5.1 billion

Russia and Armenia lost $5.1 billion in bilateral trade last year, a decline Russian Deputy Prime Minister Alexei Overchuk attributed to Yerevan’s growing interest in closer ties with the European Union. 

Overchuk stated that the Armenian authorities’ talk of EU integration negatively affected Russian business sentiment and hampered economic cooperation, Caliber.Az reports per Russian media. 

Overchuk explained that Russian businesspeople became wary of Armenian businesses operating in Russia while Russian companies faced obstacles in Armenia, warning that this dynamic could further strain economic relations. He emphasized that neither country truly wants to confront the consequences of such a scenario.

The remarks followed a meeting between Russian President Vladimir Putin and Armenian Prime Minister Nikol Pashinyan, during which Putin said Moscow was not concerned by discussions in Yerevan about EU relations.

However, he cautioned that Armenia could not simultaneously participate in the EU’s Customs Union and the Eurasian Economic Union, framing the issue as primarily economic rather than political. Pashinyan reportedly acknowledged and agreed with this assessment.

By Sabina Mammadli