Armenia’s Trade with Russia Likely to Shrink, Central Bank Official Says

Armenia’s Trade with Russia Likely to Shrink, Central Bank Official Says

Deputy Head of the Central Bank of Armenia Hovhannes Khachatryan said that the trade turnover with Russia will decline due to the ongoing conflict with Urkaine, Armenpress news agency reports. Speaking at a yearly briefing in the National Assembly’s Standing Committee on Financial-Credit and Budgetary Affairs, the official said as quoted: “Our trade turnover with Russia totals 2.5 billion us dollars, of which ca. 800 million is export and 1.7 billion exports.

It is yet too early for making far-reaching conclusions based on the dynamic developments of the past 2.5 months; nevertheless in all likelihood the trade volumes will drop.”
He also said that the trade with Ukraine, which prior to the war was at 160 million dollars – with its biggest share, some 120 million being imports – currently is almost non-existent. 
Khachatryan added that the Central Bank of Armenia preliminary predicts some 8 per cent of decline in the Russian economy, however those figures are not final by any means.