Armenia's Economy Minister stated that there are no "sharp edges" in economic relations with Russia
21.05.2026,
15:13
Armenian Economy Minister Gevorg Papoyan stated that there are no "sharp edges" in economic relations with Russia.
YEREVAN, May 21. /ARKA/. Armenian Economy Minister Gevorg Papoyan stated that there are no "sharp edges" in economic relations with Russia.
"All mechanisms have been developed and implemented, but we are confident that such a scenario will not occur," Papoyan said at a briefing on Thursday, commenting on the possible course of action by the Armenian authorities in the event of difficulties importing grain from Russia or rising gas prices.
According to him, overall, the political changes that have taken place in recent years, including the opening of borders, have yielded results.
"For example, the price of gasoline has doubled globally, while in Armenia it has only increased by a few percent, since we have the ability to import cheaper fuel from other markets," Papoyan said.
The minister emphasized that a similar approach should be applied to grain, as well as other commodities, to avoid dependence on a single source and maintain flexibility.
"Currently, there are no 'sharp corners,' and significant volumes of products are exported to and imported from Russia," Papoyan stated.
Armenia-Russia: Trade in Figures
According to Armstat, Russia retained its position as Armenia's largest foreign trade partner in the first quarter of 2026, despite a decline in all key areas.
In January-March 2026, trade turnover between the two countries amounted to $1.329 billion, a decrease of 17.2% compared to January-March 2025. Russia accounted for approximately 28.3% of Armenia's total foreign trade turnover, which amounted to $4.705 billion during the reporting period.
Armenia's exports to Russia totaled $639.3 million (a 7.1% year-on-year decline), while imports totaled $727.6 million (a 23.6% decline).
"All mechanisms have been developed and implemented, but we are confident that such a scenario will not occur," Papoyan said at a briefing on Thursday, commenting on the possible course of action by the Armenian authorities in the event of difficulties importing grain from Russia or rising gas prices.
According to him, overall, the political changes that have taken place in recent years, including the opening of borders, have yielded results.
"For example, the price of gasoline has doubled globally, while in Armenia it has only increased by a few percent, since we have the ability to import cheaper fuel from other markets," Papoyan said.
The minister emphasized that a similar approach should be applied to grain, as well as other commodities, to avoid dependence on a single source and maintain flexibility.
"Currently, there are no 'sharp corners,' and significant volumes of products are exported to and imported from Russia," Papoyan stated.
Armenia-Russia: Trade in Figures
According to Armstat, Russia retained its position as Armenia's largest foreign trade partner in the first quarter of 2026, despite a decline in all key areas.
In January-March 2026, trade turnover between the two countries amounted to $1.329 billion, a decrease of 17.2% compared to January-March 2025. Russia accounted for approximately 28.3% of Armenia's total foreign trade turnover, which amounted to $4.705 billion during the reporting period.
Armenia's exports to Russia totaled $639.3 million (a 7.1% year-on-year decline), while imports totaled $727.6 million (a 23.6% decline).
