On August 6, Russian Deputy Prime Minister Alexei Overchuk announced that trade turnover between Russia and Armenia decreased by approximately two-thirds compared to the previous year.
Overchuk stated that bilateral trade reached a record high of $12 billion in 2024 but has fallen to about $8 billion this year, marking a “very dramatic” decline expected to worsen. He emphasized that such a downturn was predictable, noting Russia had warned Armenian officials over the past three or four years about risks associated with reduced trade volumes.
Additionally, Maxim Reshetnikov, head of the Russian Ministry of Economic Development, asserted on July 30 that Russia could readily replace goods from Armenia in market disruptions. Dmitry Medvedev, Deputy Chairman of the Russian Security Council and chairman of United Russia, warned on June 28 that severing economic ties with Russia could have serious consequences for Armenia’s economy.
