Willingly or unwillingly, Armenia will be punished after October 10 (video)
The Russian market will not be fully open for Armenian manufacture even if the West toughens economic sanctions against Russia, says lawmaker Khachatur Kokobelyan. The member of the National Assembly Standing Committee on Economic Affairs does not agree with the opinion that Armenia may take advantage of the conflict between Russia and the West, trying to export more goods to the Russian market. “I just want to remind that when Russia blocked imports of Georgian wines, the sale of Armenian wines in the Russian market made only two percent in those days, which is a low index. I think that it is absurd today to say that the Russian market will be attractive for us today,” said the lawmaker. The Russian ruble continues weakening against the dollar and has slumped 1.6 percent to 38.385 per dollar in recent days. This is will inevitably have a negative impact on the Armenian market. Sanctions, penalties as well as customs duties that will increase after the country’s membership to the Eurasian Economic Union will mark up prices. “The market in Aremnia, as a country with a very small throughput, can be immediately absorbed given the Russian demand, which will result in a steep rise in prices,” he said. Economist vardan Bostanjyan does not agree that the membership to the EEU will only harm Armenia’s economy. “It is not a right approach to focus only on inflation because new workplaces may open due to pricing pressures. Besides, employed people may receive more income and we can have the opposite picture,” he said. The process of Armenia's accession to the Eurasian Economic Union is expected to be finalized on October 10 and the sanctions imposed on Russia by the West will directly affect our economy.
