Businesses from Armenia have invested $242 million in Moscow's economy over the past 5 years, the Moscow City News Agency reports, citing official data.

According to Vice Mayor Vladimir Yefimov, investments from the EAEU countries in Moscow's economy have grown 2.6 times over five years.

“According to the latest data from the Central Bank of Russia, the overall volume of investments from EAEU countries in the economy of Moscow amounted to $2.8 billion. Of these, $1.6 billion (almost 60%) came from Kazakhstan, $820 million from Belarus, $242 million from Armenia, $60 million from Kyrgyzstan," Yefimov said.

For the period from October 2020 to September 2021, investments from Armenian businesses grew by 9.6%.

The EAEU (Eurasian Economic Union) is an economic union of post-Soviet states, which includes Armenia, Russia, Belarus, Kazakhstan and Kyrgyzstan.