Armenia’s Foreign Intelligence Service has identified sanctions on key trade partners as a major economic challenge for the country in its annual report.
In its yearly risk assessment, the intelligence service highlighted the issue of secondary sanctions targeting Armenia’s primary trade partners—Russia and Iran. Analysts predict that the likelihood of sanctions being lifted or eased against these countries in 2025 is low, creating additional economic risks for Armenia.
Particular concern was raised regarding the Russian economy. According to the intelligence report, the combination of ongoing sanctions and the Russia-Ukraine conflict could slow economic growth in Russia, which would inevitably have a negative impact on Armenia’s economy.
Amid escalating secondary sanctions, the Armenian economy may face new restrictions.
Earlier, BMG reported that Russia remains Armenia's largest trading partner, with trade turnover reaching $11.6 billion over the first 11 months of 2024—a 71.6% increase. However, exports to Russia dropped by 10.1%, declining from $3.3 billion in 2023 to $2.95 billion in the same period of 2024, while imports from Russia surged 2.5 times to approximately $8.6 billion.
During the reporting period, Russia’s share in Armenia's foreign trade turnover also rose from 38.6% to 42.2%.
