Western sanctions imposed on Russia will have negative impact on Armenian government's tax revenues- State Revenue Committee

YEREVAN, March 16. /ARKA/. Western sanctions imposed on Russia will have a negative impact on Armenian government's tax revenues, since Armenia's economic ties with Russia are very strong, Rustam Badasyan, the head of the State Revenue Committee, told journalists on Wednesday.

He recalled that Armenia imports grains, granulated sugar and vegetable oil mainly from Russia.

"Ukraine also accounts for a rather large volume of Armenia's foreign trade, but now it is impossible to import anything from that country," Badasyan said, recalling that the Russian government has recently taken certain restrictive measures.

On March 14, 2022, Prime Minister of the Russian Federation Mikhail Mishustin signed decrees on a temporary ban on the export of grains to the EEU states and a ban on export of white sugar and raw cane sugar to third countries. Restrictions on grain exports will be valid until June 30, those on sugar - until August 31, 2022.

According to Badasyan, residents of Armenia are panic buying large amounts of food products, which caused problems. He noted that the same situation is being observed in Russia.

“Measures should be taken to ensure that restrictions on imported goods do not negatively affect Armenia,” Badasyan said.

Badasyan added that fluctuations in the exchange rate of the Russian ruble will lead to a decrease in the pace of exports from Armenia. --0--