"Trade turnover between Russia and Armenia has decreased by two-thirds in 2026," said Russian Deputy Prime Minister Alexey Ovechuk today in Bishkek, ahead of a meeting of the prime ministers of the Eurasian Union member states.
"In 2024, trade turnover between Russia and Armenia reached a record high of $12 billion. Last year, it dropped to $8 billion. However, this year, a dramatic decline in trade turnover is observed. It is two-thirds of the figure from 2025," the Russian official noted, predicting that the decline will continue.
"The situation that has now arisen between the EAEU and Armenia was predictable. For the last two years, we have been warning our Armenian partners that such risks, including risks of declining trade turnover, exist," Ovechuk stated.
In recent months, Russia has gradually imposed restrictions on various goods exported from Armenia. Against the backdrop of economic sanctions, Vladimir Putin personally insisted that Yerevan hold a referendum to determine whether it is moving towards the Eurasian or European path. Armenian Prime Minister Nikol Pashinyan also stated that the issue of a popular vote will only arise when Yerevan officially applies for EU membership.
