Sanctions Have a Negative Impact on Armenia's Economy, Gevorg Papoyan

In the context of the relations between the European Union and the Eurasian Economic Union, sanctions adversely affect Armenia's economy. This was stated by Armenia's Minister of Economy Gevorg Papoyan during budget execution discussions in the National Assembly.

Answering a question about what investments from the EU will be made in the Armenian economy, the minister clarified that there is mutual interest in developing political and economic relations between Armenia and the EU, but at the same time, there are some subjective factors that hinder this.

“Armenia is a member of the Eurasian Economic Union, and as is known, EU countries have imposed a significant number of sanctions against the largest economy of the EEU, the Russian economy. Against this background, our actions often end up being practically different. Sanctions create various issues in economic relations with the EU. For example, it concerns the export of copper ore or aluminum foil. One of the main markets for these products used to be the European one. Now, due to the mentioned reasons, a gradual change in market structure is taking place,” added Papoyan.

For many years, there has been a lack of proper diversification of economic relations in Armenia, which has created problems for the country.