Moscow says replacing supplies from Armenia “will not be difficult”

Yerevan /Mediamax/. Russian Minister of Economic Development Maxim Reshetnikov has said that replacing imports from Armenia will not pose any difficulties for Russia.

“Armenia’s share of Russia’s total trade with the world does not exceed 0.9%. It will not be difficult for us to replace Armenian imports,” TASS quoted the minister as saying. 

“The statements by the Prime Minister of Armenia regarding the South Caucasus Railway provide an opportunity to highlight the significant benefits that Armenia’s economy derives from its participation in the EAEU as a whole and from trade with the Russian Federation in particular,” Reshetnikov noted.

According to him, during Armenia’s membership in the EAEU (2015-2025), the country’s exports to fellow EAEU member states increased more than 13-fold, from $‌240 million to $‌3.2 billion.

“More than 80% of Armenia’s traditional exports – food, agricultural products and alcoholic beverages – are shipped to EAEU countries,” Reshetnikov said, adding that “entering alternative markets requires a lengthy restructuring of production chains and carries high commercial risks.”

—