Armenia's minister of finance Vahe Hovhannisyan expressed concerns regarding the potential exit of the country from the Eurasian Economic Union (EAEU), highlighting the risks associated with its economic dependency on Russia.
During a conversation with journalists on March 7th, Hovhannisyan drew attention to Armenia's high level of dependency on Russia in terms of both exports and imports, as well as in energy resources and other sectors of the economy.
"In any case, it's necessary to diversify dependence on specific sources to ensure an increase in sovereignty. Considering the high degree of dependency on Russia, exiting the Eurasian Union would be risky," noted Vahe Hovhannisyan.
Earlier, BMG reported that Russia holds the top position in terms of trade volume with Armenia. In January of the current year, trade turnover with Russia increased by 93%, amounting to 861 million dollars in monetary value. The share of Russia in the structure of Armenia's foreign trade turnover also increased from 37% to 40.1% compared to the previous year.
Armenia joined the EAEU on January 2nd, 2015, becoming part of the economic bloc supervised by Russia. Experts then noted that the decision to join was motivated not only by economic considerations but also by security concerns.
