Russia's trade turnover with Armenia reached a record $1.6 billion in 2024 - Lavrov

YEREVAN, May 21. /ARKA/. Russia's trade turnover with Armenia last year amounted to $1.6 billion, impressive results were achieved, said Russian Foreign Minister Sergey Lavrov, calling this figure a record.

"This is over a third of Armenia's total foreign trade turnover, and Russia remains the republic's first trade and investment partner," he said at a joint press conference with RA Foreign Minister Ararat Mirzoyan in Yerevan on Wednesday.

Lavrov emphasized that 96% of bilateral trade is carried out in national currencies - rubles and drams.

"Russian economic operators traditionally act as key taxpayers and employers in Armenia, and socially significant projects are being implemented," the Russian Foreign Minister said.

According to him, the Russian Federation welcomes the efforts of the Armenian authorities to ensure the legitimate interests of Russian business circles that invest in the republic.

"We are confident that this will contribute to the further inflow of domestic investment in such important areas for the Armenian economy as agriculture, energy, mining, transport, and logistics," Lavrov noted.

According to Armstat, in the first quarter of 2025, the volume of trade between Armenia and Russia amounted to $1.58 billion, with a decline of 63.8% compared to January-March 2024. The volume of exports from Armenia to the Russian Federation during the reporting period amounted to $698.4 million, with a decline of 6.8%, and the volume of imports from Russia as an exporting country was $918.3 million (a decline of 74.9%). -0-