YEREVAN, August 10. /ARKA/. The sectors of the Armenian economy affected by Russian measures account for approximately 1-1.5% of GDP, said the head of the monetary policy department of the Central Bank of Armenia, Vazgen Poghosyan:
“If we look at the sectoral impact these measures may have on our economy, there are certainly some sectors that will suffer, possibly severely. For example, fishing, certain segments of the food industry, and some agricultural sectors. However, in a broader context, I believe the overall impact will be much more moderate,” he stated in an interview with Public Radio.
Poghosyan noted that there is a high likelihood that the export of most of these products can be redirected to the domestic market, as consumption in Armenia has been growing over the past few years.
He did not rule out some impact on prices, such as a decrease in prices for certain goods, especially those where the share of exports to Russia was significant relative to the domestic market.
“But again, the broader context is that at this stage these measures will not have a very serious impact on our economy,” he concluded.
On Restrictions on Armenian Product Supplies to Russia
Since the end of May, Russia has been gradually introducing restrictions on the supply of certain types of products from Armenia, citing violations of phytosanitary requirements. The restrictions include floral products, mineral water, and some types of alcoholic beverages, vegetables, fruits, berries, grapes, potatoes, dried fruits, and later live fish and fish products, as well as dairy products since July 27.
On August 4, it became known that the sale of more than 70,000 bottles of drinking water “BJNI” and “Prosto Azbuka,” including children's, and non-alcoholic Mojito brand DARBAS, was suspended in Russia.
The restrictions also include a ban on the transit of Armenian-origin products through Russian territory to other EAEU countries.
