Russian Deputy Prime Minister Alexey Overchuk has warned of severe economic consequences for Armenia if it exits the Eurasian Economic Union (EAEU) to pursue membership in the European Union. According to Overchuk, such a move would result in higher prices for energy and food, while the country’s exports could shrink by 70-80%.
"Membership in the EAEU is a privilege, whereas joining the EU now is akin to buying a ticket for the Titanic," Overchuk said, emphasizing the incompatibility of simultaneous membership in both unions, TASS reports. He added that ordinary citizens would face job losses, reduced incomes, and higher prices for essential goods, gaining little in return beyond visa-free travel. This, he suggested, could accelerate depopulation in the country.
The Deputy PM argued that the authors of the Armenian government’s January 9 bill on joining the EU "should have been fully honest" and included a clause for exiting the EAEU right away. "Why cling to a union you no longer wish to be part of?" he remarked, adding that the absence of such a clause indicates that even the bill's authors are aware of the consequences of Armenia leaving the EAEU.
Meanwhile, trade statistics highlight the significance of the EAEU for Armenia’s economy. Over the first 10 months of 2024, Armenia's trade turnover with EAEU member states increased by 86.8%, reaching $11.1 billion. In contrast, trade with the EU during the same period declined by 14.9%, amounting to $1.9 billion.
Armenian Prime Minister Nikol Pashinyan stated that the final decision on EU membership would be made only through a referendum and emphasized the need to develop a joint "roadmap" with the EU. He clarified that the current bill "does not imply Armenia's direct membership in the European Union."
