‘This is only the beginning’: Russia warns Armenia will face significant losses, Volodin

Armenia’s trade volume with Russia has decreased by 45.4% in 2025 amid discussions about the country's aspirations to join the European Union. Experts suggest that withdrawal from the Eurasian Economic Union (EAEU) could result in economic losses of at least $5 billion, stated Vyacheslav Volodin, Chairman of the State Duma of Russia.

“According to experts, Armenia’s exit from the EAEU could cost the country 15-20% of its GDP, amounting to at least $5 billion... Against the backdrop of discussions about Armenia’s desire to join the European Union, trade with our country sharply decreased by 45.4% in 2025. This negative trend continues,” wrote Volodin on his channel on the “Max” platform.

He reminded that Armenia joined the EAEU in 2015, and during the ten years of membership, the country's GDP has increased by 2.5 times, from $10.55 billion to $26.37 billion.

“In addition to accessing a vast market, Armenia has received benefits in the energy sector. Our country sells gas to Armenia at a price of $177.5 per 1,000 cubic meters. At the same time, the price in Europe is $633 per 1,000 cubic meters. Russia accounts for 25% of Armenia's exports,” noted the State Duma Chairman.

Volodin emphasized that Russian citizens who work and do business in Armenia have begun to close their enterprises. He stated that they are leaving due to the uncertainty of the future and potential emerging issues.

“This is only a superficial picture. The losses will be greater than this. Not all of these losses are related to financial aspects,” added the parliamentarian.

Armenian Prime Minister Nikol Pashinyan has repeatedly stated that the country seeks to become a member of the European Union but needs to meet its criteria. Moreover, during negotiations with Pashinyan on April 1, Russian President Vladimir Putin noted that being part of both the EU and EAEU customs union is categorically impossible; this is an economic matter.

Earlier, Russian President Vladimir Putin suggested that it would be appropriate for Armenia to hold a referendum on the development of cooperation with the European Union, considering the respect for Armenia's citizens and Russia as the Republic's primary economic partner. In that case, Russia could draw appropriate conclusions and pursue a “soft, intelligent, and mutually beneficial divorce.”