Sanctions in EU-EAEU relations’ context harm Armenian economy, minister says

Armenian Minister of Economy Gevorg Papoyan has said that sanctions actions in the context of relations between the European Union and the EAEU hurt Armenia's economy.

He made the remarks at the discussions on budget implementation in the parliament, Caliber.Az reports, citing Armenian media.

Answering the question of what EU investments should be expected in the Armenian economy, the Minister explained that Armenia and the European Union have a mutual desire to develop political and economic relations, but some subjective factors hinder them.

"For example, Armenia is a member of the Eurasian Economic Union, and as you know, EU countries have imposed a large number of sanctions against the largest economy in the EAEU - the Russian economy. Restrictions create different problems in economic relations with the EU. For example, we are talking about the export of copper ore or aluminium foil. Europe used to be one of the main markets for these goods. But now there is a gradual change in the market structure due to the above-mentioned reasons," Papoyan explained.

According to him, the lack of proper diversification of economic relations in Armenia over the years has led to problems.