Russian businesses are showing caution in their dealings with Armenia due to ongoing discussions about the country’s possible accession to the European Union, Russian Deputy Prime Minister Alexey Overchuk said.
Speaking on Russia’s Channel One, Overchuk addressed the current state of economic cooperation, noting that such concerns have influenced bilateral trade relations.
He added that he had repeatedly raised this issue with Armenian partners, according to TASS.
“Our business community is very cautious about conducting business with Armenia because of these discussions about joining the European Union. We have summed up the results of 2025: there is a decline from $12 billion to $6.4 billion. In other words, just the discussions by certain people in Armenia about the European Union have led to Armenia and Russia jointly losing more than $5 billion,” he said.
During a meeting with Russian President Vladimir Putin in Moscow, Armenian Prime Minister Nikol Pashinyan stated that the Armenian side understands that, in principle, membership in two blocs—the European Union and the Eurasian Economic Union—is incompatible. However, he noted that what Armenia is currently doing and “the agenda that exists, at least for now, are compatible.”
