Armenia's exports to Russia tripled - Euractiv

Despite the deterioration of political relations between Armenia and Russia, its exports to Russia tripled in 2022 and then doubled between January and August 2023. This gives rise to accusations about Armenia's compliance with sanctions.

Euractiv writes about this.

"After Armenia joined the Russian-led Eurasian Economic Union in 2014, Russia became Armenia's number one trading partner. Russia's share of Armenia's foreign exports has increased even more since the invasion of Ukraine.

In 2023, trade with Russia accounted for more than 35% of the country's foreign trade, while the EU accounted for 13% of the total. The high dependence of Armenia's economy on trade with Russia has made it virtually impossible for the country to join sanctions against Moscow without risking an unprecedented economic downturn," the article says.

"The growing economic dependence on the Russian market, however, does not prevent the Armenian government from attempting to gradually shift the country's geopolitical orientation towards the West.

Author - Olena Madiak, 28/03/2024