The trade turnover between Armenia and Russia reached $10.2 billion in 10 months
The trade turnover between Armenia and Russia reached $10.2 billion in 10 months, doubling last year’s figures. This was announced by Russia’s Deputy Prime Minister Alexey Overchuk during the 23rd session of the Intergovernmental Commission on Economic Cooperation between the two countries.
Overchuk added that Russia and Armenia have almost entirely transitioned to national currency transactions. The Russian ruble is accounting for 96.3% of mutual settlements. Russia remains one of Armenia’s primary investors. $3.4 billion invested in industrial projects.
Over the past 5 years, trade and economic cooperation between the two countries has significantly increased. According to the Statistical Committee, trade turnover was $2.2 billion in 2019. That figure has now grown fivefold.
In 2020, trade turnover between the two countries was $2.1 billion, increasing to $2.6 billion in 2021 and $5 billion in 2022. In 2023, the figure saw a significant rise, reaching $7.9 billion.
Armenia’s Deputy Prime Minister Mher Grigoryan expressed satisfaction with the results of trade and economic relations with Russia during the session. According to him, the nearly twofold increase in trade is impressive.