Anti-Russia sanctions signal serious losses for Armenia’s economy - Armenian economist

Tue 01 August 2017 08:07 GMT | 12:07 Local Time

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At a news conference on Monday, Vilen Khachatryan noted that 22% of Armenia’s exports go to Russia whose economy is now facing the major challenge.

The United States’ recently adopted sanctions against Russia will economically have a serious influence also on Armenia whose imports and exports are largely related that country, according to an economist, tert.am reports.

At a news conference on Monday, Vilen Khachatryan noted that 22% of Armenia’s exports go to Russia whose economy is now facing the major challenge.   “What we see here is our number one ally facing sanctions. Also, most of Armenia’s imports - which are not limited to Russian goods – come from Russia. That’s an [economic] blow too, as it implies a rise in the prices of products,” he noted. 

As another major concern, Khachatryan highlighted the possible losses for the Armenian employment migrants now residing in the country. Noting that layoffs first of all affect  foreign nationals, the economist said he expects their return to Armenia to later have also its societal impact.

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