We need to move towards payments for gas in national currencies- Armenian minister

YEREVAN, April 15. /ARKA/. The latest few payments for Russian natural gas shipped to Armenia have been made in Russian rubles, Armenian Economy Minister Vahan Kerobyan said in an interview with Russian RBC.

He said the cost is calculated in US dollars, but the payments are now made in rubles, based on the exchange rates. He added that there is an understanding on both sides that they need to move toward payments in national currencies.

In 2021, according to the trade statistics, Armenia received $414 million worth of natural gas and about $270 million worth of oil products from Russia.

According to the Russian Central Bank, about 47 percent of Russian exports to Armenia in 2021 were in U.S. dollars, and about a third of Russian imports from Armenia were also in U.S. dollars

“We shouldn't exclude the Armenian dram or the Kazakh tenge from possible payment methods. We think that the central banks of the countries should create an appropriate environment so that payments in national currencies with visibility or with predictability of the exchange rate take place," Kerobyan said.

Armenia’s trade turnover with CIS countries in January-February this year amounted to over $521.2 million, an increase of 62% compared to the same period last year. The largest foreign trade partners were Russia ($475.2 million, up 61.4% against the first two months of 2020), Ukraine ($20.3 million, up 35.8%) and Belarus (about $14 million, up 2.4 times). -0-