Armenia and Russia Completely Halted Transactions in Dollars and Euros: Kerobian

Due to Western sanctions against the Russian Federation, the number of goods supplied from Armenia has increased. Furthermore, the countries have completely halted transactions in dollars and euros for mutual settlements. This was stated by Armenia's Minister of Economy Vahan Kerobian in an interview with Vedomosti.

According to him, the choice of currency for payment has become a significant problem for trading partners under the current conditions. The issue is that the Russian ruble has become excessively unstable compared to the dollar and euro for signing long-term contracts, making the Armenian dram appear more preferable now. At the same time, the potential of the Armenian currency for use in bilateral trade is limited.

The leaders of Armenia and Russia agreed to expand the use of national currencies in mutual trade transactions in April 2022. The minister also highlighted the sharp increase in supplies from Armenia to Russia based on last year's results. In 2022, exports from Armenia to the Russian Federation rose from 850 million dollars to 2.5 billion dollars. The reason for this surge is the exit of Western companies from the Russian market, which has allowed Armenian suppliers to expand their business in Russia.