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Economy of Armenia: challenges and prospects
... and its problems. It will be an extremely difficult task to return them or their capitals to the homeland. The following points are urgently required: «new industrialization», production of elements and components for international companies, inclusion of Armenian enterprises in global manufacturing chains and increasing exports of goods. Consequently, this will result in decreasing an unemployment level, returning of well-qualified workers as well as in forming of a civilized business environment. If ...
06/13/2017Boris Fokin: Armenia has an advantage that will make it a world leader in coping with stress and uncertainty
... information that is associated with the experience of mankind, nature. I believe that the Armenians, as an ancient nation living in a certain territory, have very strongly merged with the landscape. ARKA - Do you mean the territory of modern Armenia? Because once Armenia was very large - from sea to sea. B. Fokin - Yes, it was very big, but why did the Armenians end up here? This land has a very strong energy, because it is the junction of tectonic plates. Locations with such a landscape, different climates greatly ...
04/15/2021Eurasian integration is very attractive for Armenia
... Customs Union until early next February. Do you think Armenia will be able to accomplish all the procedures by that time and become one of the founders of the Eurasian Economic Union ? V. Spassky - I would not like to speak about an exact time because Armenia will have to go through a set of procedures as stated by the heads of Russia, Kazakhstan and Belarus at their latest meeting in Minsk on 24th of October. Armenia and these three countries signed a memorandum defining the form of interaction ...
12/03/2013IMF Resident Representative to Armenia on economy, agreement with EU and poverty
... continues to rise. The IMF, however, has argued that it does not see this as an alarming trend. Could you explain why the IMF thinks so, and what recommendations of the Fund could help to address this highly important problem for the country. Yulia Ustyugova: Armenia’s public debt level is elevated. However, the IMF regularly assesses public debt sustainability, taking into account numerous factors. They include the growth projections, interest rates, the exchange rate and fiscal plans. Our estimates suggest ...
12/21/2017EBRD Vice President: the Bank has invested over €2 billion euros in 205 projects in Armenia to date - EXCLUSIVE
... with the significant increase in the inflow of money transfers. Despite this positive trend, however, we cannot count on temporary factors that are driving this growth. These factors will not remain indefinitely. Therefore, now is the high time to focus on Armenia’s long-term resilience through offsetting its historical dependence on investments and remittances from the now recession hit Russian, Ukrainian and Belarusian economies. ARKA - What, in your opinion, could serve as a growth factor for the ...
01/18/2023Peter Nemoy: Armenia is ready to get a chance not to catch up with anyone, but to be one step ahead, as Armenians did more than once (VIDEO)
... combination of antiquity and absolute ease and modernity. Yerevan for me is the best version of Europe: countless small cafes, conversations, city atmosphere, but without the paranoia that Europe has fallen into. Why is it the best version for me? Because the Armenians do not turn anything into ideology. That is, there is an idea like this, yes, good, but maybe not. There are pros and cons here. Cons - because it is impossible to really agree on anything, but, on the other hand, it leaves the structure mobile,...
03/11/2021EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... with Armenia’s biggest export market on a risky ground. Therefore, there are great opportunities in the case of improving geopolitical situation in the region. Open borders and better logistics could positively affect trade prospects, especially because Armenia has access to the EU market through the Comprehensive and Enhanced Partnership Agreement and to the central Asian markets of the members of the Euroasian economic union. ARKA- What steps, in your opinion, could help the Armenian authorities ...
11/26/2024IMF ready to help Armenia in case of need
... crisis in Armenia. The main reason is that Armenia’s financial system is not so large. On the one hand, having a small financial system is not so good for economic development, but, on the other hand, it can now even be viewed as an advantage because Armenia is a little less subject to possible shocks than other countries. Recently we received the latest information on the level of crediting by commercial banks, and Armenia shows good indicators. We do not yet observe any serious consequences of ...
11/10/2008Galina Davidyan: the need for media resources like 'Novosti Armenia' to grow
... evaluated as excellent. In particular, according to now former deputy head of Russia Today's editorial board for CIS and Baltic countries Ella Taranova, Novosti-Armenia was one of the best partners of RIA Novosti in the CIS. She stated this during a Russian-Armenian media forum held in 2013 December in Yerevan. She also expressed hope that cooperation with Novosti-Armenia will continue. Alas, she was wrong. Q. How did events unfold? A. Everything happened like in the famous tale by Lewis Carroll's "Alice ...
12/09/2015USA and Armenia to upgrade status of bilateral dialogue to Strategic Partnership Commission
... cooperation on peacekeeping and law enforcement development. Promoting Justice, Democratic Institutions and Shared Democratic Values The delegations took stock of ongoing cooperation in the justice sector, acknowledging significant U.S. contributions to Armenia’s justice sector reform efforts. The United States intends to also continue to support Armenian institutions focused on preventing and combating corruption and transnational organized crime, as well as efforts aimed at fostering judicial impartiality, integrity ...
06/12/2024EU and US to provide additional assistance to Armenia to help it diversify trade and strengthen economic resilience
... sovereignty, democracy, territorial integrity, and socio-economic resilience, the Armenian government said in a statement today, which reads as follows: 'The European Union and the United States support a stable, peaceful, secure, democratic, and prosperous future for Armenia and the region. In this context, we aim to expand cooperation to strengthen Armenia’s resilience, including in key sectors such political reforms, economic development and humanitarian support. We will look to expand our partnerships, for example,...
04/05/2024Inflow of non-residents to Armenia will help enhance stock market liquidity, says сo-founder of Freedom Holding (EXCLUSIVE)
... external factors. Of course, we should not underestimate the large inflow of direct foreign investments against the backdrop of the conflict between Russia and Ukraine. It has a significant impact - many companies are moving from Russia, Ukraine, Belarus to Armenia, and, of course, this has a positive impact on the economy. If we look at the forecasts, in the second half of this year, according to the World Bank, the GDP growth will slow down to 4.5%. The Armenian government expects a higher growth of about ...
08/14/2023Well-known facilitator Ekaterina Karmak names the reasons why she decided to move to Armenia (VIDEO)
... you will be our king (laughs). Q. That is, with each arrival you realized more and more that Armenia was yours. The popular flash mob ‘Armenian by choice’ - is that for you? Е. Karmak - As a matter of fact I have had a complicated history with Armenia. People used to invite me here for many years and I thought it was just a CIS country - because of the image of the country as it was seen from the outside four years ago. It wasn't a very attractive story. I came here out of an "Okay, fine, you talked me ...
01/17/2022Joining up for Green Future: British Embassy and HSBC Bank Armenia promoting sustainability in Armenia
... where the need is greatest, and help to build green economies, creating jobs and prosperity. There are huge opportunities for climate-smart investments in Armenia between now and 2030. I hope this conference will show how finance can flow in support of Armenia’s ambitious plans for climate action, help break down the barriers to investment and support a just and inclusive transition to net zero.” After welcoming speeches of Deputy Prime Minister of Armenia Hambardzum Matevosyan, British Ambassador to Armenia John ...
12/10/2021Armenia boasts one of the best economic growth among Eurasian Economic Union member countries
... projects, for example, in the construction of greenhouses or introduction of agricultural insurance or anti-hail systems? Cherekaev – As for greenhouses, the Fund, as a rule, finances large projects, worth no less than $15 million. A greenhouse business in Armenia has not yet reached that level, but if a big project appears, we are ready to consider it. We can not finance, for example, introduction of agricultural insurance in Armenia, since it is clearly stated in the Fund’s regulations that creation ...
07/03/2017Armenian PM to pay official visit to Kazakhstan, leaders of two countries sign joint statement
... security councils, defense and law enforcement agencies and special services of the two countries, Attach special importance to the activities of intergovernmental cooperation groups, as well as to the cooperation of the parliaments of the Republic of Armenia and the Republic of Kazakhstan on various international platforms, Pay primary attention to the deepening of mutually beneficial economic cooperation. For this purpose, the Parties are ready to contribute to the realization of the existing trade and economic potential by providing maximum ...
04/15/2024Buildup of investments in Armenia is one of our top priorities – Eurasian Development Bank
... planned for 2017? Yaroslav Lissovolik, the Chief Economist at Eurasian Development Bank (EDB), told ARKA News Agency in an exclusive interview. ARKA – Armenia’s membership in the Eurasian Economic Union already has a two-year record. How effective Armenia uses the Eurasian Economic Union’s potential? Lissovolik – Armenia uses the union’s potential even more than its other members do, though, of course, it is still far from the desired extent. The 2016 results show that progress in such an important ...
03/31/2017Armenia announces launch of Southern Armenia Railway and High Speed Road Projects
... Armenia High Speed Road Projects, RASIA reported to ARKA on Friday. The presentation, signing ceremony and public announcement were attended by senior government officials, ambassadors, investment and sovereign funds, and corporate executives from Armenia, China, Russia, the United Arab Emirates, and Iran. A tripartite Memorandum of Understanding on regional cooperation towards the development of the Southern Armenia Railway was also signed between South Caucasus Railway CJSC, the Ministry of Transport and Communication ...
01/18/2013Revaluation of Armenian dram lowers inflationary expectations, potential
... banks that will be allowed to use these services. On its part, the Central Bank will encourage the introduction of a new culture of financial market, and the market participants must learn to manage their currency risks. ARKA: Do Armenian citizens trust the Armenian dram now, and how much did the dollarization level reduce? Sargsyan: Our citizens obviously give their preference to the Armenian dram. Specifically, last year (2006) we reached 50% level in assets, and this year (2007) we reached this level ...
02/04/2008Armenia continues to follow peace agenda: Government reacts to Azerbaijan's reports of shooting on border
... Republic of Azerbaijan to launch consultations about the date and venue for signing the agreement. We find it noteworthy that the agreed-upon text of the draft agreement addresses the fundamental issues of peace and establishment of relations between Armenia and Azerbaijan and envisages mechanisms for discussions of future tasks. We find it necessary to note that in January 2025 the Republic of Armenia conveyed to the Republic of Azerbaijan in a written form a proposal for solving the issue of railway cargo transportation from Azerbaijan’s western regions ...
03/18/2025Barclays presents research on Armenia's economy for investors
... provides an important anchor for reform and a backstop for Armenia’s remaining external vulnerabilities. Barclays analysts think a potential rating upgrade by Fitch at its next review date on 22 November (following a similar action by Moody’s in August) could be a positive catalyst for Armenia spreads. Based on relative valuations in the CIS complex, we see c.20bp tightening potential for Armenia ‘25s and ‘29s. The Armenian economy has held up well, supported by strong consumer spending growth. GDP expanded by 6.9% y/y over the ...
11/13/2019Ustyugova: risks to economic resilience and growth could stem from slower implementation of structural reform agenda in Armenia
... macroeconomic indicators of Armenia are within the normal range, the state debt is managed and serviced, inflation is within the planned boundaries, the rate is stable, and the budget is balanced. The picture is quite favorable. Or is it not so and why? Ustyugova: In our view, Armenia’s macroeconomic performance has been solid. The economy continues growing, albeit at a slower pace than in 2017. The CPI inflation broadly remains within the CBA tolerance range, monetary and financial conditions are generally stable, and the ...
12/13/2018IMF forecasts 4 percent GDP growth for Armenia in 2012, but says there is growth potential
... USD 156 million). The new disbursements are for overall budget support and to bolster the reserves of the Central Bank. The key objective of our program is the continuation of policies that ensure macroeconomic stability. Our more specific areas of focus in Armenia will continue to be issues related to the tax sphere and the financial sector. 3. What is your assessment of the current macro-economic development in Armenia? What are the recent IMF forecasts concerning the dynamics of the key macro-economic ...
05/22/2012Income declaration in Armenia: A complete guide to everything you need to know
... a return. How do I know if I am a resident of the Republic of Armenia? To be considered a resident of the Republic of Armenia, you must be physically present in Armenia for 183 or more days during the tax year and/or your center of vital interests must be in Armenia. This means your family, home or apartment, personal or family property, or place of professional or other activity must be located in Armenia. Residents also include individuals who are in civil service in the Republic of Armenia and temporarily ...
01/21/2025CIS cryptocurrency market may centralize in Armenia- SkyLabs representative on cryptocurrency regulation and impact of Russians' relocation to Armenia
... six currencies in our cryptomats: Bitcoin, Ethereum, USDT, BNB, BUSD and USDC. ARKA- How many crypto terminals do you plan to open and how many users do you expect to have sometime in the future? А. Togramajyan- We work hard to increase the number of Armenian users in Armenia, but we have no clear figures yet. We also need to enter foreign markets and we will work towards Georgia in the first instance. All in all, we may have up to 50 terminals. ARKA- What are the peculiarities and advantages of using terminals?...
10/20/2022Billionaire Ruben Vardanyan prepares to enter Armenian politics: "We can increase Armenia’s GDP from $13 billion to $40-50 billion in ten years."
... an institution with which I can work and cooperate is a great danger, and not only in Armenia. In general, an Armenian says, "I can live anywhere in the world. So we really are a truly unique nation that succeeds in every part of the world, not just in Armenia. But this is both a plus and a minus. Because a person says, "I can easily move to another country, adapt and live there." "It's been 30 years since we gained independence. We have dreamed of a sovereign Armenia for centuries. We ...
11/26/2021Armenia can cooperate with both European Union and Customs Union now
... preferences, like European countries. ARKA – In speculations over Armenia’s choice between European and Eurasian integration, political, not economic advantages and disadvantages are pointed out. What can you say about economic pluses and minuses for Armenia in these integration processes? Manaseryan - Nobody is gauging economic advantages. Our think tank has made approximate calculations, since more detailed calculations need more time and resources. The Customs Union and the Eurasian Union, ...
10/03/2013Top ten economic events of 2012 singled out by ARKA News Agency
... this will contract their expenses and facilitate procedures. Armenia is the fourth country after Russia, Belarus and Ukraine that has joined this agreement. The CIS Free Zone Agreement has been signed on October 18, 2011 by eight countries – Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan and Ukraine. Azerbaijan, Turkmenistan and Uzbekistan have expressed wish to think over the matter. Along with usual for such agreements provisions on exemption of tariffs on imports, the ...
12/20/2012Landlocked Armenia must make the best use of human resources - ADB head in Armenia (exclusive)
... rain, according to studies, there will be less precipitation, but the impact of temperature stress on humans will be much higher. ADB, as a clшate bank, envisages helping countries in the Asia-Pacific region to overcome these challenges. ARKA - Obviously Armenia is aware of these challenges and is actively incorporating the environmental component into economic development. In particular, solar energy is being developed and water conservation projects are being implemented. Is ADB going to take steps ...
08/01/2024Armenia has not reconsidered its position on Turkey's destructive involvement in the region
... the Armenia-Turkey legal border. Turkey maintains its hostile attitude toward Armenia and the Armenian people, which manifested itself with its overt participation in Azerbaijan’s attacks unleashed on Artsakh on September 27, 2020, and the continuous anti-Armenian measures taken by the Turkish authorities inside and outside Turkey. Armenian Foreign Minister Ara Aivazian, in response to questions from MPs on February 10, specifically stated that 'Turkey, under pressure from the international community,...
02/12/2021Report: Armenia steps up efforts to reinforce and enhance partnership with EU
... start-ups. The EU is the biggest provider of financial support and a key reform partner in Armenia. The EU stands ready to continue engaging in Armenia and provide support through political dialogue, financial and technical assistance, to support the Armenian government ambitious reforms for the benefit of the citizens of Armenia and EU-Armenia cooperation. Armenia is the only member country of the Russia-led Eurasian Economic Union to sign CEPA with the European Union. The agreement will fully enter into force upon ratification ...
05/21/2019Constitutional referendum and economic development: Pashinyan presents draft ideology of Real Armenia
... science. - Pan-Armenian potential, Armenian Diaspora. - Homeland, family, individual. - Armenian Apostolic Holy Church, Armenian Catholic Church, Armenian Evangelical Church. Christianity. - Armenian Ashugh, Gusan, folk, classical, original and pop music, Armenian dance, Armenian fine arts, Armenian stage art, Armenian architecture. - Native nature with its biodiversity. - Progress, liberalism, self-love, hospitality, love of learning, diligence, being law-abiding, respect and tolerance towards other people,...
02/20/2025Armenian Foreign Ministry reveals goals of Armenia-EU-US meeting in the context of Azerbaijan's claims
... the President of the EU Council and the President of France to deploy an EU Monitoring Mission not only in Armenia but also in Azerbaijan. Unfortunately, Azerbaijan later abandoned that position. Asked what expectations the Armenian side has from the Armenia-US-EU high-level meeting scheduled for April 5 Ani Badalyan said,’’The meeting provides a valuable opportunity to discuss the Armenia-US, and Armenia-EU bilateral agendas, as well as issues on the Armenia-US-EU cooperation. We anticipate having substantive ...
03/28/2024IMF to revise forecasts on Armenia's economic growth and expects inflation to stabilize at around 4%
... level of education remain in Armenia permanently, the labor force, productivity, and output may be higher. Growth of foreign direct investment and newly registered companies is another sign that potential output may increase more than projected. But Russia’s growing share in Armenia’s exports increases the risks to the economy if Russia’s growth falters. All these developments underscore the need to press ahead with reforms to improve the business environment and the labor market, deepen capital markets, and diversify ...
09/07/2023U.S. State Department presented pros and cons of Armenia's 2022 investment climate
... from a deep 2020 recession prior to the introduction of new sanctions against Russia. GDP growth reached five percent in 2021 and had been expected to continue to grow in 2022 by at least five percent. As a result of the war and sanctions imposed on Russia, Armenia’s 2022 GDP growth forecast is now just above one percent. In May 2015, Armenia signed a Trade and Investment Framework Agreement with the United States. This agreement established a United States-Armenia Council on Trade and Investment to discuss ...
07/29/2022Department of State: Armenia's investment environment improves, but there are still problems
... evaluations, Armenian authorities have limited capacities to investigate money laundering and bring such cases to prosecution. It also says that Armenia became a member of the EAEU in January 2015, together with Belarus, Kazakhstan, Kyrgyzstan, and Russia. Armenia also entered into a Comprehensive and Enhanced Partnership Agreement (CEPA) with the European Union (EU) in November 2017. While CEPA will not affect customs or tax rates, it will, over time, align Armenia’s regulatory system and standards with ...
09/11/2020AmCham: situation around Amulsar sends negative signals to potential investors
... of certain parties. This is a matter of outmost concern and we hope that these claims will be duly investigated. “Honorable Mr. Prime Minister, AmCham is not only concerned about the unfair treatment of its member, one of the biggest investors in Armenia, but as a leading business organization, we are also concerned about the negative impact of the issue around Amulsar project for about a year. It sends negative signals to the potential investors and makes Armenia an unattractive country for investments. While the State ...
09/02/2019Gazeta about gas war between Armenia and Gazprom
... the gas price for consumers will not be increased at least in 2019, and that Armenia has one year for negotiating with partners from Russia, Gazprom and the Eurasian Economic Union for finding a long-term solution to the problem. Yerevan thinks that Russia and Armenia are in the same economic space, and therefore it is necessary to create equal conditions for Russian and Armenian business people, while now it is problematic, since the price per one cubic meter of gas for industrial consumers in Armenia is higher ...
07/02/2019IFC’S current portfolio in Armenia stands at $146.5 million
... doing business, and increasing the effectiveness of regulations in four key areas: business taxation, trade logistics, business inspections, and food safety. The project builds on close government collaboration established within the framework of the Armenia Doing Business Reform - Regulatory Simplification Project (implemented by IFC from 2009-11). The previous project helped the government streamline start-up procedures for businesses and simplify the tax system and customs control procedures. IFC also helped ...
02/07/2014President reiterates commitment to continue modernization of Armenia on principles of human rights, democracy and rule of law
YEREVAN, October 21. / ARKA /. Armenia’s President Serzh Sargsyan received today the Secretary General of the Council of Europe Thorbjørn Jagland who has arrived to Armenia to participate in the High Level Conference on Combating Racism, Xenophobia and Intolerance in Europe organized ...
10/21/2013Armenia and Ukraine maintain friendship from ancient times
... recently activated. Last year our presidents exchanged official, this year- working visits. Last July and this March Armenia hosted Days of Ukraine’s Culture, and Ukraine held Days of Armenia’s culture. The countries have also organized Ukrainian-Armenian business forums, and intergovernmental commission for economic cooperation. This April Foreign Ministries of the two states conducted consultations in Kyiv, and as a result of the mutual high-level dialogue Ukraine’s FM Konstantin Grishenko and Ukraine’s ...
08/28/2012First policy dialogue of "GREEN Armenia" joint platform took place
... civil society, and academia. According to Sebastian Molineus, WB Regional Director for the South Caucasus, the GREEN Armenia platform will assist Armenia in its efforts to transition to a sustainable economy. "The green transition may be a stimulus for Armenia's economy, but it will be necessary to set priorities in cooperation with the private sector and international development partners and implement low- carbon, resource efficient policies and programs, in line with environmental goals," the ...
06/27/2022HSBC Armenia Marks its 25th Anniversary in Armenia
... one of the world’s largest banking and financial services organisations. HSBC in Armenia HSBC Bank Armenia cjsc was established in 1996. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and a member of overseas Armenian business with 30 percent ownership. HSBC Armenia serves around 30 000 customers through eight offices located in Yerevan and around 350 employees. As of 31 December 2020, the Bank has assets of AMD 303 billion including the ones, allocated with the mediation ...
03/16/2021HSBC Bank Armenia awards its Trade Finance Best Customers
... established as a closed joint stock company under the name Midland Armenia Bank J.S.C. in 1996 and was renamed HSBC Bank Armenia cjsc in 1999. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and members of overseas Armenian businesses with 30 per cent ownership. HSBC Armenia serves around 33,000 customers through nine offices located in Yerevan and around 400 employees. The bank has assets of AMD256.6 billion as of 31 March 2016 and is one of the leading banks in the foreign ...
06/15/2016Armenian Foreign Ministry responds to Ilham Aliyev's demand that Armenia announce a specific date for opening of so-called "Zangezur corridor"
... region օn December 6, 2021, President of Azerbaijan Ilham Aliyev demanded that Armenia should accept the terms of Azerbaijan and announce a specific date for the opening of the so-called "Zangezur corridor". The President of Azerbaijan also accused Armenia of demonstrating tortuous approaches regarding the issue of opening the roads and communications. Regarding the above-mentioned statements the Foreign Ministry of Armenia underlines the following; 1. The agreements on opening the roads and communications ...
12/07/2021Armenian human rights defender calls for halting the process of defining Armenia's borders with Azerbaijan
... 1) The process of determining Armenia's state border is taking place in the conditions of obvious threats of war to the entire population of Armenia. 2) The President of Azerbaijan when speaking about the entire Armenian people and the population of Armenia uses the language of open threats of ethnic cleansing and genocide. The President of Turkey does the same (for example, after the September-November 2020 war, during the military event on December 10 in Baku, the speeches of both presidents were full ...
01/20/2021EDB deputy board chairman: Armenia set to have highest GDP growth in EEU
... such a deal. We cannot disclose the name of the bank before the completion of negotiations. ARKA-EDB expressed interest in financing projects in member countries with relatively small economies. The amount of financing is small, from 10 to 15 million US dollars and even below the specified threshold. Armenia is also indicated as recipient country. For what specific purposes are such “miniature” projects envisaged, and are there already applications from Armenian colleagues? A. Krainiy - For Armenia, 10-15 million dollars are not “miniature”,...
10/08/2019Digital Caramel CEO Arsen Sultanyan: Armenia’s internet-advertising industry grows 15 times over last 10 years
... difficult for them to compete with the three giants. ARKA - Some advertisers complain about problems with the national language, in particular, difficulties in placing ads in Armenian on Yandex. What steps are being taken in this direction so that Armenian users see local advertisements in their native language? Sultanyan – Yandex’s entry the Armenian market is connected, inter alia, with the language problem, especially that the platform, in principle, is quite active in working with Armenian sites....
09/26/2019Mnatsakanyan: Armenia is ready to contribute to regional stability
... just a domestic procedure. In fact, we already have 80 percent of all the provisions in the implementation phase. We have coordinated and agreed to the roadmap for implementation and the implementation is underway. Europe has been a consistent, continuous participant in Armenia’s development agenda—in the development of its institutions, in the development of the state, and in the development of its economy. Since the Velvet Revolution in 2018, we have been in very intensive and extensive political and economic engagement ...
07/31/2019Simonov: lower gas price for Armenia is possible
... connection of Russia with Iran through Armenia, I may say this can be discussed. - Do you find decrease of Russia's gas price for Armenia likely? - This is a good question. It is really very interesting, since it is not a secret that prices for Belarus and Armenia have traditionally been lower than for other Gazprom's consumers. When prices were low [compared with prices for other countries], excuse me - not everybody in Armenia appreciated that. I understand that Armenia is raising this issue because prices ...
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