April 12, 2026
“Epics of ancient peoples are spiritual. They are interpretations of prayers to God, cosmology and the divine calling of man,” he believes. h:Artur Armin, author of the film “The Mystery of Mheri Door”, with whom we talked about the “Sasna Tsrer” epic, the Mheri door inscription, the discoveries made.
– When the premiere of the film “The Mystery of the Dark Door” took place at Kino House, the hall was full. Did you expect such a reaction?
– To be honest, I didn’t expect it. It’s a science documentary, and I thought people would leave after 5-10 minutes due to the weight of the material, but the opposite happened. they stayed until the end. People feel their root, their beginning.
The Mheri door inscription is a ritual calendar-calendar. I found that the numbers of bull and ram sacrifices are based on mathematical and geometrical patterns. Taurus and Aries have astrological significance. Each bull represents one draconian semester. And the total number of rams is the number of days in the lunar year. On the door of Mher, about 3000 years before us, the first month begins with the Sun month and ends with Mehekan, that is, the month of February. It starts on March 21 and ends on February 21.
– Since when did Mher’s door and inscription attract your attention? Did you do this study alone?
– 2007 Historian Artak Movsisyan sent me the history of Armenian history, I looked through it and on the first page I saw the translation of the Mheri door inscription and independently I started counting the number of rams and bulls and immediately saw the mathematical and geometric relationship. Then, when Artak called, I asked why they didn’t write about it, he said that there is no such thing. Then, the monument expert Samvel Karapetyan gave me the dimensions of Mher’s door, and I went, measured with my own hands and found the Urartian size. It turned out that the width and height of the door is made in proportion to the gold ratio.
I think 95-97 percent of the mystery of Mher’s door has been fully revealed.
– You mention that a ram sacrificed to the gods means one day. In:how did you understand?
– By number. The door of Mher is a 365-day calendar, and it is called a lunisolar calendar, and they are all calculated by the astrologers. The arc of the ecliptic, which rotates in two halves, was divided into 5-day or 10-day intervals, and that the constellation-god rises at sunrise, a few tens of minutes before the sun’s rays, that is its zero point. The next day he will leave 4 minutes earlier.
– You are talking about the stars, for example, some archaeologists do not consider Karahunj an observatory. What would you say?
– The one who says that there was no observatory, but a tomb, proved himself that it was an observatory. If it is a mausoleum, then it is an observatory. According to the old belief, the king, the hero, the priest, in short, after death goes to his god, who is the astrologer. The mausoleum, the temple, the sanctuary and the astrologer are one whole complex.
What did observatory or astronomy mean in ancient times? they thought they were going to find the lens of the Byurakan observatory in Karahunj, they would say, yes, is it an observatory? Ancient astronomy had one function: to measure time, which was as necessary as air. Spring sowing, autumn sowing, birth of a child, keeping for 7 days after burial… all this comes from paganism. People were able to determine the time by the position of the sun, how high it is above the horizon. Let me say the words of Hrachya Acharyan. the peasant says: when will you go out tomorrow, he answers: when the star of the plow has risen, I should already be there. Now this villager is not an astronomer, so what is he? The Plow Star is today’s Aries constellation. The time was determined by the stars and was passed down from father to son. And the tomb in general should be connected with ancient faith, astrology. So, I don’t understand the contradictory conversations that reach the point of absurdity.
– It is interesting that you consider the heroes of the “Sasna Tsrer” epic to be gods.
– They are gods. When morons talk about the “Sasna Tsrer” epic, it is already annoying. Archaeologist, orientalist Hovsep Orbeli said that the heroes of the Armenian epic are gods, and the Armenian epic is older than the Greek one, and brings an important pattern. Older, archaic gods are endowed with one function, because in our epic every hero-god has one function. Greek Zeus is both a judge and a blackmailer. It has 10 functions. it means that he has fallen.
However, they say that the heroes of the epic are historical persons. Uncle Toros is supposedly Toros Rshtun, David is Davit Bagratuni. And all those who say that the epic is based on historical heroes, then I ask a question, which historical hero is the dragon, maybe it was your uncle? The lightning-sword is the weapon of the thunder deity.
It is necessary to understand and evaluate correctly. as if you had gold, but use it instead of copper. It is a bad thing and also a crime against world science.
Regarding the statue of David of Sassoon, do you understand that this is the statue of the thunder deity that is 50-60,000 years old?
It is entirely about the gods, it is religious preaching, what is the epic story? It should be called an ancient fairy tale, which is our birth certificate, religious world knowledge.
– Now Sanasar and Baghdasar or Dzenov Ohan are gods of what?
– All Indo-European twins, Indra and Agni, are twin brothers, Sumerians too. Let’s take our Sanasar and Baghdasar. one is silver. Sanasar is a silver circle. In one of the stories of the epic, he says: what should they give for my head? They say: half a copper for your head, one for your horse, he gets angry and says no, three silvers for my head and two silvers for my horse. There is the mystery of the trinity. The heroes show who they are one by one.
Hovsep Orbeli was the first to say that our Hersians are gods. Vergo of the dew is the deity of rain, Ohan of Dzenov is the bull. He pulls the bull’s skin and screams. Leo Mher is the “Leo” constellation. If we put these three, it is called vernal equinox, summer solstice, winter solstice. The opponent remains, Misra Melik, the autumnal equinox.
In other words, the heroes of the “Sasna Tsrer” epic acted as gods in ancient times. Tsovinar, the deity of the cosmic pre-waters, the twins Sanasar and Baghdasar, hydrogen-gun beings who fight with the dragons of the sky and the underworld. Uncle Thoros is identified with the deity of the windstorm, which, with his six-legged steed, having traveled hundreds of kilometers in one day, appears in the cities of Van, Arzrum, and Kars. And Dzenov Ohan, Tsran Vergo, according to academician H. They are deities of lightning, thunder and rain. Even the “enemy”, Misra Melik, also appears as a deity. This deity is invoked with the lunar year of 360 days; Melik’s gurz weighs three hundred and sixty liters.
What did Tsovinar get pregnant from, 1.5 handfuls of water? After 9 months, 9 days, 9 hours, she gave birth and had twins. Go back from the Gemini and you will reach the Virgo constellation. Or, he says, chew 40 peach branches. If you open the Babylonian horoscope, it is written chewing a branch, a tree standing behind a lion or a girl is drawn. There are even pictures of the tiles. Pictures of 12 of our gods in 1995. were found in the ancient site of Vani Vern Ansav. A royal shield is found, broken, and just as the gods are lined up in the Mheri door inscription, on this shield we see the pictures of 12 gods, each standing on the corresponding animal. If we compare it with the Babylonian one, we see that on that day, at that hour, a goat rises, in sequence, the god standing on the goat on the shield and his name is Turk. Turk is not ugly, Turk is ugly. Opposite the owl constellation is Angeghya Turk.
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“Where one supermarket opens, a small store with a circumference of about 500 meters in the area
April 12, 2026
For more than a year, small and medium-sized businesses have been facing various problems, and in many cases they have been closed due to the Government’s decision to increase the turnover tax. The decision came into force on January 1 last year, which was followed by protests by small and medium-sized entrepreneurs, which, however, did not yield any results, many entrepreneurs simply closed their businesses.
SME: of the association Shiraki branch director Karen Avagyan warns again: small and medium-sized businessmen continue to close their businesses, adding that, apart from the turnover tax, there is one more problem.
“Now, small and medium-sized businesses are greatly hindered by the uncontrollable growth of large supermarkets. Of course, it is good that supermarkets are opening, but where one supermarket is opened, small shops in that area with a radius of about 500 meters are closed, even if they are not closed at that moment, they are closed after some time.
Right now, in the central streets of Gyumri, particularly in the 58th district, I counted the other day, 13 shops had the sign “For Rent” written on them. 168.amKaren Avagyan said in a conversation with
According to him, they should not invent the solutions to this problem, because such solutions have been around the world for a long time, one of them is that big supermarkets should be located outside the city, have a large parking lot, and every family should go to do their big shopping once a week. And the rest of the purchases should be made in small shops already inside the city.
“The whole world went to these solutions a long time ago, but we don’t want to use it.
Of course, we are all happy that jobs are opening, but as far as I understand, our Government is acting with the opposite thinking. In other words, they justify their actions and tax policy by the fact that efficiently working shops survive. Well, it’s clear that whoever invests a lot of capital can organize their activities very efficiently, for example, there could be one accountant for 10 supermarkets, the costs will automatically be lower. However, small shops should have a separate accountant,” added Karen Avagyan.
Continuing to talk about the problems, Karen Avagyan also pointed out that they have complicated the use of QR codes for products, they are constantly adding to the list of products for which separate accounting with QR codes is required. It turns out that small stores either have to refuse to sell products with these codes, which will automatically drive their customers to large stores, or they have to incur expenses again, pay accounting fees to online accounting companies for QR code maintenance, etc.
“The question arises: why should people necessarily work hard, why shouldn’t there be an easy option of taxation for small businesses?” We have known for a long time that SMEs agree to pay high taxes in order to avoid additional complications. Knowing all that, they raised the taxes and tightened everything even more.
“Today, you can see many stores where not only seasonal discounts are offered, but also the entire product is sold at liquidation prices, because they are closing,” emphasized Karen Avagyan.
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168: Didn’t the Armenian people see the fortune of Syria? that we need wisdom and experience?
April 12, 2026
“Pressing” religious scholar, sociologist and philosopher Vardan Khachatryan in the program spoke about the last meeting between Putin and Pashinyan. The latter noted that it was perhaps the toughest of the Pashinyan-Putin meetings. that was the leitmotif of the meeting.
“Europe understands that its relations with the USA are in danger. In this case, Europe can have ambitions of future rise only through China, and this can happen only over Azerbaijan, based on which we have to consider our possible steps. Is this comparable to our interests?” said Vardan Khachatryan.
The former member of the National Assembly wondered if the Armenian people did not see the fate of Syria. If we must learn wisdom and experience only from our own mistakes, we will perish.
“What is Pashinyan’s Europe and where does he want to go?” Is there any analytical document, is there an analysis that, for example, the structure of the economy of Germany, France or Austria is such that we can have a presence there,” said Vardan Khachatryan.
Details in the video.
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Asbarez: ‘Just Like We Entered Karabakh’: Erdogan Threatens Military Action A
Turkish President Recep Tayyip Erdogan
Israel Invokes the Armenian Genocide in Slamming Erdogan
President Recep Tayyip Erdogan of Turkey on Sunday threatened military action against Israel accusing the Jewish State of atrocities being carried out against Palestine and Lebanon. The Turkish leader cited interventions in Karabakh as a blueprint for its proposed attack.
Meanwhile, Israel responded by accusing Turkey of “building its economy on the Armenian Genocide,” calling Erdogan a “megalomaniacal dictator.”
“We must be strong to prevent Israel from doing this to Palestine,” Erdogan told reporters on Sunday. “Just as we entered Karabakh, just as we entered Libya, we will do the same to them,” he added. “There is nothing to prevent us from doing it. We just need to be strong so that we can take these steps.”
This became yet another public admission by Erdogan that Turkey was actively involved and engaged in the 2020 Artsakh War, a fact being downplayed by Turkish diplomatic circles and ignored by the international community.
Earlier in the day, in an address to the International Asia-Political Parties Conference being convened in Istanbul, Erodgan called Israel’s actions “barbaric.”
“The blood-stained genocide network continues to kill innocent children, women, and civilians without any rule or principle, ignoring all kinds of human values,” Erdogan said at the conference.
Sharply condemning Erdogan’s remarks, Israel’s Heritage Minister Amichai Eliyahu accused the Turkish leader of hypocrisy, noting Turkey’s history of territorial aggression in Cyprus and its treatment of minorities, particularly the Kurds, reported MSN.com.
“Turkey, which conquered Northern Cyprus and controls Kurdish territories in the east, dares to lecture us on morality. Turkey, which built its economy on the Armenian Genocide, dares to accuse us of genocide. Turkey, which enforces Islamization by force, dares to speak about human rights,” Eliyahu said in a statement.
“The hypocritical Erdogan doesn’t impress anyone with this current circus,” he continued, describing the Turkish president as a “megalomaniacal dictator” with “imperialist ambitions” who sees himself as “an Ottoman Sultan while being no more than a pathetic tyrant of a country with a collapsing economy and a dead democracy.”
Eliyahu’s remarks went further than only criticizing Erdogan, implying that it was time for Israel and Turkey to “close this sad chapter of relations” and vowing to bring a proposal before the Israeli government to sever diplomatic ties with Turkey completely.
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Asbarez: Declaration of the Diaspora Mobilization Conference
The Diaspora National Mobilization Conference took place from April 11 to 12, in Paris, bringing together more than 150 distinguished intellectuals, political leaders, and public and community figures from Armenia, Artsakh, and 26 countries across the Diaspora. The conference provided a comprehensive assessment of Armenia–Diaspora relations amid ongoing national challenges and evolving geopolitical realities, highlighting the urgent need for coordinated mobilization around a unified pan-Armenian agenda.
At the opening session of the conference, welcoming remarks were delivered by His Holiness Karekin II and His Holiness Aram I, as well as by the Speaker of the National Assembly of the Republic of Artsakh and Acting President of the Republic of Artsakh, Ashot Danielyan. Best wishes for the success of the conference were also conveyed by ARF Bureau Representative Armen Rustamyan.
Following discussions on the four-point agenda, the conference adopted relevant decisions, outlined key priorities, and identified the steps to be undertaken in that direction.
A. THE STRATEGIC ROLE OF THE DIASPORA AND THE POLITICAL AGENDA
The role of the Diaspora in addressing the challenges facing the Armenian people holds strategic importance. Today, as Armenian statehood faces serious security threats and the foundations of national identity are being targeted, a pan-Armenian mobilization around national agendas has become imperative. The national and state interests and goals of Armenia, Artsakh, and the Armenian people are inseparable.
At the current stage, the key priorities of the Diaspora’s political agenda are:
Strengthening Armenian statehood. Developing and implementing a comprehensive strategic program aimed at reinforcing the Republic of Armenia’s strength and security.
Recognition and reparation of the Armenian Genocide. Despite the policies pursued by the current authorities of Armenia, the international recognition of the Armenian Genocide and the pursuit of reparations remain imperative.
The Artsakh issue. The issue of Artsakh remains on the agenda and includes the following practical steps:
- Pursuing the immediate release of prisoners of war
- Protecting the rights of the people of Artsakh and internationalizing the right to collective return
- Safeguarding the Armenian cultural heritage of occupied Artsakh
- Providing full support to the functioning of Artsakh’s state institutions
- Working to protect the civil rights and address the socio-economic challenges of forcibly displaced Armenians from Artsakh currently residing in Armenia
B. THE ROLE OF NATIONAL VALUES AND THE ARMENIAN CHURCH IN PRESERVING ARMENIAN IDENTITY IN THE DIASPORA
Armenian identity is rooted in Armenian history, the Armenian Church, language, culture, and national values, which constitute the fundamental pillars of the Diaspora’s existence. In the current critical circumstances, the Armenian Church, as in the past, continues to serve not only as a spiritual anchor but also as a cornerstone of the Armenian people’s national and spiritual identity.
Condemning the campaign unleashed by the authorities of the Republic of Armenia against Armenian values and the Armenian Apostolic Church, it is necessary to take into account the following priorities:
- Resistance. Any step or action directed against national identity must be met with organized and unified resistance.
- Unity. Prevent division and establish strong unity around the Church.
- Education and upbringing. Strengthen and expand the educational, cultural, and spiritual systems of the Diaspora to ensure the preservation and transmission of Armenian identity to larger numbers of future generations. Foster in the younger generation a sense of awareness of national collective interests and the will to uphold and take ownership of them.
C. KEY ISSUES AND FUTURE DIRECTIONS OF ARMENIA–DIASPORA RELATIONS
The national value system is the primary source of strength for the Republic of Armenia and the Armenian nation as a whole. It must serve as the indispensable foundation for shaping Armenia–Diaspora relations and the pan-Armenian agenda. Following the 44-day war, as well as the most recent war in Artsakh and the subsequent ethnic cleansing, the policies pursued by the Armenian authorities have led to deep disappointment and disillusionment among the Diaspora, giving rise to concerning tendencies of internal detachment from the homeland.
The policy of the current Armenian authorities—marked by the neglect, division, and disregard of the organized Diaspora and its support for the homeland—is strongly condemnable. Equally concerning is the inaction of the Armenian authorities toward Armenian communities in the Middle East facing existential threats.
Accordingly, the priorities of Armenia–Diaspora relations are:
Strategic Armenia–Diaspora cooperation: Restore and elevate institutional ties with the Diaspora to a new qualitative level.
Effective mechanisms for utilizing pan-Armenian capacity and networks: Ensure the broad participation of Diaspora professionals across various state projects and sectors, with the prospect of assuming responsibilities.
Formation of a unified Armenia–Diaspora framework: Develop and implement a unified policy across political, diplomatic, economic, scientific, military-industrial, informational, and educational-cultural spheres. In this context, the Diaspora’s professional potential plays a significant role in the application of Armenian soft power.
Western Armenian is endangered: The protection and development of Western Armenian requires an active role not only from the Diaspora but also from the Republic of Armenia.
Enhancing the role of the Diaspora: Initiate professional discussions on the possible models of Diaspora participation in the governance of the Republic of Armenia and in advancing pan-Armenian issues, with the aim of achieving national consensus and legal solutions within Armenia’s political system.
D. DIASPORA MOBILIZATION AND REVITALIZATION FOR PAN-ARMENIAN GOALS
The need for unity, strengthening, and reorganization of the Diaspora around pan-Armenian agendas is indisputable.
It is imperative to consolidate the Diaspora around national goals, modernize Diaspora structures and overall modes of operation, foster direct cooperation between communities, and consistently strengthen collective capacity. In this process of reorganization, the full engagement of youth is especially vital.
Diaspora mobilization must be carried out around strategic programs, taking into account the following priorities:
- Strengthening the global Armenian nation and the Republic of Armenia as two components of one nation
- Supporting the process of building a strong national state
- Advancing the Armenian Cause and pan-Armenian objectives
In light of the above conclusions and outlined priorities, the Diaspora National Mobilization Conference emphasizes that, in today’s complex geopolitical environment, the vitality and strength of the Diaspora are inseparably linked to the homeland.
Our unity must be anchored in enduring national values and a vision of strengthening statehood as a shared agenda. The national and state interests and goals of Armenia, Artsakh, and the Armenian people are inseparable.
We reject the divisive and alienating approaches adopted by the current authorities of the Republic of Armenia.
Instead, we call for the establishment of healthy, coordinated, and balanced relations, which are the only guarantee for strengthening the Armenian nation and preserving Armenian statehood.
With a strong sense of national responsibility, our collective potential must serve exclusively pan-Armenian goals, ensuring a secure and guaranteed future for the Armenian people.
To this end, we emphasize the importance of the participation of all citizens of the Republic of Armenia—regardless of their place of residence—in National Assembly elections. We call on all citizens of the Republic of Armenia, including those abroad, to travel to Armenia by their own means and take part in the elections.
It is necessary to change the current authorities’ anti-national course and establish a national state-oriented path of development.
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Dr. Oz Sued by Armenian Meat Market Owner Over Viral Video
Ivanyan claims Oz’s accusations of healthcare fraud damaged her business and reputation.
Apr. 11, 2026
Dr. Oz, the former TV personality, is being sued by Anna Ivanyan, the owner of Tigranakert Meat Market in Van Nuys, California. Ivanyan alleges that a viral video posted by Oz in January, where he accused various businesses of being linked to a ‘Russian Armenian Mafia’ healthcare fraud scheme, has damaged her business and reputation.
Why it matters
This case highlights the power and responsibility of public figures when making serious accusations. While Oz has the right to free speech, the impact of his words on a small business owner’s livelihood raises questions about defamation and the influence of social media.
The details
In the video, Oz featured Ivanyan’s meat market, implying it was part of the alleged criminal network. Ivanyan denies these claims and has filed a lawsuit, arguing that Oz’s video has ruined her business and reputation. The case showcases the complexities of modern media, where a single viral video can have far-reaching consequences.
- Oz posted the viral video in January 2026.
- Ivanyan filed the lawsuit against Oz in April 2026.
The players
Dr. Oz
A former TV personality who posted a viral video accusing various businesses, including Ivanyan’s meat market, of being linked to a ‘Russian Armenian Mafia’ healthcare fraud scheme.
Anna Ivanyan
The owner of Tigranakert Meat Market in Van Nuys, California, who is suing Dr. Oz for allegedly damaging her business and reputation through his viral video.
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What they’re saying
“While Dr. Oz has the right to voice his concerns, the impact of his words and actions cannot be understated. By associating a small business with organized crime, he potentially ruins lives and livelihoods.”
— Author
“This case highlights the fine line between free speech and defamation. While Dr. Oz has the right to voice his concerns, the impact of his words and actions cannot be understated.”
— Author
What’s next
The court will determine whether Oz’s video constitutes defamation and if Ivanyan is entitled to financial compensation for the alleged damage to her business.
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Armenia: First Live Performance of “Paloma Rumba”
SIMÓN performed “Paloma Rumba”, his entry for the Eurovision Song Contest 2026, during Eurovision in Concert 2026 in Amsterdam last Saturday. SIMÓN performed the song live for the first time alongside other Eurovision 2026 contestants in the Dutch capital.
Simon Hovhannisyan, better known as SIMÓN, participated in Depi Evratesil, the Armenian selection for Eurovision 2025 and finished second with “Ay paparey bye”. He won the international and Armenian jury votes during the contest. SIMÓN was the final artist to be revealed for Eurovision 2026.
SIMÓN will perform “Paloma Rumba” sixth in the second semi-final on May 14.
Armenia debuted in the Eurovision Song Contest in 2006 and has participated every year since, excluding 2012 and 2021. Armenia’s best results came in 2008 and 2014, when they finished 4th in the final. They have failed to qualify for the final on three occasions. Since their debut, they have finished in the top 10 in the final eight times.
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Montvale to host Armenian Genocide commemoration April 18
MONTVALE — A pan-Armenian community commemoration of the Armenian Genocide is scheduled for Saturday, April 18, at 4 p.m. at Huff Pond on Memorial Drive.
In the event of inclement weather, the program will be held at the Montvale Community Center, 1 Memorial Drive.
The event is being organized by the Armenian National Committee of New Jersey and supported by members of the Montvale community. It is being held under the auspices of Montvale Mayor Mike Ghassali.
The keynote speaker will be Nina Shahverdyan, an educator and activist from Stepanakert, Artsakh.
Invited clergy include representatives of Sts. Vartanantz Armenian Apostolic Church, St. Leon Armenian Apostolic Church, and the Armenian Presbyterian Church.
Invited guests include Congressman Mike Lawler of New York, Congressman Josh Gottheimer of New Jersey, State Sen. Holly T. Schepisi, and Bergen County Commissioners Tracy Silna Zur and Thomas Sullivan.
The program will also include a musical interlude by oudist Ara Dinkjian. Taleen Stephans will serve as emcee, while Niree Kaprielian and the Homenetmen of New Jersey Scouts will present the flags and anthems. Youth speaker Sarhad Melkonian is also scheduled to participate.
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‘Symbol of trust:’ Estonia opens embassy in Armenia
Estonia opened a new embassy in Armenia’s capital, Yerevan, this week, marking a “new stage” in relations between the two countries, Minister of Foreign Affairs Margus Tsahkna (Eesti 200) said.
At the opening ceremony, the minister highlighted that practical cooperation between the two countries has grown significantly.
“Diplomatic relations between Estonia and Armenia date back to 1992, and the opening of our embassy in Yerevan today marks a new stage in our relations. The embassy is a symbol of trust, reaffirming Estonia’s commitment to being present, contributing and strengthening relations with Armenia,” Tsahkna said.
Estonia’s first Ambassador to Armenia Marge Mardisalu-Kahar said the country is an important partner for Estonia in development cooperation.
“Estonia has shared its experience and expertise in the digital field, where Armenia has made rapid progress. Together with ESTDEV, we will continue implementing development cooperation projects in both digital development and strengthening export capacity,” she added.
Mardisalu-Kahar was formerly the ambassador in Georgia, but Estonia withdrew the position in February.
Relations between Tallinn and Tbilisi have cooled after the ruling Georgian Dream party took power at the end of 2024. The new government has halted its accession process with the European Union, introduced a Russian-inspired foreign agent law for NGOs, and suppressed protests.
Estonia’s relations with Armenia have begun to develop rapidly after 2023, when Russia failed to guarantee the country’s security in a conflict with Azerbaijan and Yerevan started looking westwards.
Tsahkna also met with Armernia’s Prime Minister Nikol Pashinyan and Minister of Foreign Affairs Ararat Mirzoyan during his visit.
“We see strong potential to expand cooperation in innovation, cybersecurity and digital development. There is also growing interest in Armenia in Estonian companies and start-ups,” he added.
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Kyrgyzstan and Armenia had the highest-quality corporate loan portfolios in th
Kyrgyzstan and Armenia demonstrated the highest quality of corporate loan portfolios among the countries of the Eurasian Economic Union as of the fourth quarter of 2025. This is evidenced by comparative data on the banking systems of the region’s countries.
The share of loans without overdue debt in Kyrgyzstan and Armenia was 99% each. This is the highest figure among the countries under review. For comparison, this figure was 98.7% in Belarus, 97.6% in Kazakhstan, and 96.6% in Russia.
Accordingly, the level of non-performing loans, i.e., those with overdue debt, in Kyrgyzstan and Armenia was minimal—1% each. This is significantly lower than in Kazakhstan (2.4%) and Russia (3.4%).
At the same time, against the backdrop of a high-quality loan portfolio, Kyrgyzstan also showed the most significant growth in lending. The volume of corporate debt on loans in national currency increased by 39% over the year. This is the highest figure among the EAEU countries. In Armenia and Belarus, growth amounted to 20% in each country, in Kazakhstan—18%, and in Russia—11%.
In the foreign currency loan segment, most EAEU countries also saw an increase in debt, with the exception of Belarus and Russia, where a decline was recorded.
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