Russia’s Deputy Prime Minister Alexei Overchuk has stated that Armenia’s growing rapprochement with the European Union is having a negative impact on trade volumes between Moscow and Yerevan.
Speaking at the St. Petersburg International Economic Forum (SPIEF), Overchuk warned that the two countries could see mutual trade losses of up to $6 billion by the end of the year.
“The trend continues this year. Based on the current situation, we’re seeing a drop of around $3 billion. It’s clear that we will lose about $6 billion by year-end,” he said.
According to Overchuk, the alignment between Armenia and the EU has led Russian businesses to conclude that “they have no prospects in Armenia, as there are no prospects for engagement with the European Union.”
Despite the challenges, Overchuk emphasized that both Moscow and Yerevan understand the importance of improving the regulatory environment to restore economic performance. He said discussions are ongoing regarding trade barriers, regulatory obstacles, the work of supervisory bodies, and problems with mutual settlements.
