Problems in Russian economy could not but affect economic situation in Armenia: president

Even if Yerevan were not a member of the Eurasian Economic Union (EEU), the economic problems in Russia could not but affect the economic situation in Armenia, President of Armenia Serzh Sargsyan said in an interview with the TV Program “Mnenie” (“View”).

Accession to the EEU brings good prospects to Armenia. “We are becoming participants of a 170 million-strong market. It is a very good achievement of a small country like Armenia. The EEU is functioning on the basis of universal, transparent, and civil rules, which will just help to improve the life of our people.”

At least, there are three factors we cannot but take into account. Most of our agricultural produce is exported to the EEU markets, first of all, to Russia. If revaluation of the Russian ruble has created problems to the citizens of the Russian Federation, it means that our commodity producers have also faced problems,” the president of Armenia said.

He acknowledged that many citizens of Armenia or Armenians by origin that work in the Russian Federation make transfers to Armenia to support their families and relatives.  Although the transfers increased by 13%, their foreign exchange value has nearly halved.

The president said Russia is the key investor in economy of Armenia, which means that if Russian investors face problems, problems emerge also in Armenia. Accessing the EEU, we have removed the hindrances the country faced earlier. Now, it has become much easier to organize movement of goods, capital and labor force," he said.