Sanctions against Russia and possible impact on Armenia - opinions
In economic terms, Armenia is essentially dependent on Russia, and the second package of sanctions against Russia will certainly affect Armenia’s economy, according to economist, Armenian National Congress (ANC) party member Vahagn Khachatryan.
The first package of sanctions has affected Russia’s economy.
“I can note a fact we are witnessing now – the financial and banking system is facing serious problems, and Russian business cannot enjoy the financial freedoms it could enjoy a year, two or three years ago. That is, they are facing lending and re-lending problems,” Khachatryan said.
According to him, the effect will be felt later because a number of strategic cooperation programs have been frozen.
The West’s actions are primarily aimed at such leading Russian companies as Rosneft.
“And it will directly affect Armenia’s economy because the companies may refuse to invest in Armenia. Besides, private transfers are showing downtrends,” Khachatryan said.
With respect to the energy sector, he said:
“Gazprom, as well as other companies, working in Armenia will face financial problems if investment programs are frozen. One more factor is our wish to join the Eurasian Economic Union, a structure which could have problems.”
Economist Tatul Manaseryan believes that sanctions are merely formal.
“That is, they are more of political nature. But we should not forget that in our globalized world all the economies are interrelated.
According to experts, if sanctions continue, the US and European companies that invested in Russia are running the risk of losing profits. It is an undesirable situation for both the sides.”
The first package of sanctions has not affected Armenia in any way.
“There has been indirect impact not only because Armenia and Russia are strategic partners, but also because Armenian and Russian businesses made mutual investments.”
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