Moscow will have to reconsider its economic relations with Yerevan should Armenia pursue accession to European Union, Russian Deputy Prime
YEREVAN, March 27. /ARКА/. Moscow will have to reconsider its entire spectrum of economic relations with Yerevan should Armenia pursue accession to the European Union (EU), Russian Deputy Prime Minister Alexey Overchuk told journalists, according to Tass.
Earlier, Armenian lawmakers approved in the second and final reading a draft law initiating the country’s EU accession process.
"For our part, we are, of course, closely monitoring these developments. We understand that if Armenia is moving toward Europe, then it will inevitably necessitate a comprehensive reassessment of our economic relations with the country. Unfortunately, this will have an impact on the standard of living in Armenia, which is something we would very much like to avoid," Overchuk stated.
He noted that he had reviewed the text of the recently adopted Armenian legislation, describing it as "filled with broad, well-intentioned declarations" but lacking substantive detail.
"This is Armenia’s internal matter. We actually recognize that both the Eurasian Economic Union (EAEU) and the EU share similar policy agendas. Therefore, Armenia will inevitably have to make a definitive choice, as it is entirely unrealistic to choose both blocs simultaneously," Overchuk emphasized.
He further highlighted that trade turnover between Russia and Armenia surged to $12.7 bln in 2024, reflecting an increase of over 50%. "In contrast, trade with the European Union stands at just over $2 bln and has declined by 12%. This clearly demonstrates the economic advantages of trading within the Eurasian Economic Union as opposed to engaging with Europe. The Armenian people will ultimately have to decide," Overchuk continued.
At the same time, he pointed out that Armenia remains an active participant in the EAEU and continues "to make a significant contribution to Eurasian integration".
According to the latest data from Armstat, in 2024, Armenia's trade turnover with the EAEU increased by 54%, exceeding $12.7 billion, while trade turnover with the EU, on the contrary, decreased by 11.7% to $2.34 billion.
Armenia's largest partner in the EAEU is Russia (trade volume for January-December - $12.4 billion, year-on-year growth - 56.5%), and its partner in the EU is Germany (trade volume - $486.15 million, decline - 23.7%).
Earlier, the Prime Minister of Armenia stated that Armenia does not plan to sever economic ties and does not set itself the task of reducing trade turnover with the EAEU and Russia. According to him, Armenia is on the path of diversifying its economy and wants to increase trade turnover with the European Union as well.
