Russian Deputy Prime Minister Alexey Overchuk told reporters that Russian businesses have become increasingly cautious in their dealings with Armenia. He also confirmed a significant drop in bilateral trade between the two countries this year, Interfax reports.

“Despite good relations between our countries, this year we’ve seen a clear decrease in trade. Last year, trade turnover between Russia and Armenia reached $12.4 billion. This year, it is expected to be around $6 billion. That’s a very sharp decline,” Overchuk said.

Meanwhile, the Eurasian Economic Commission (EEC) noted that in the first nine months of 2025, trade between Armenia and EAEU member states exceeded 2022 levels by 51% and grew by 2% compared to 2023. This was attributed to both market stabilization and positive trends in Armenia-EAEU trade cooperation.

The EEC explained that 2024 saw a temporary spike in trade due to short-term, atypical transactions, which created an inflated statistical base. As a result, 2025 is expected to return to more realistic, sustainable growth rates aligned with prior years.

Positive growth was recorded in Armenia’s exports to EAEU countries in agricultural and food products, including vegetables, fruits, flowers, canned goods, as well as some electronics and footwear.

Conversely, there was a marked decline in exports of ferroalloys, molybdenum ores and concentrates, and certain textile products.

Looking ahead, the Commission forecasts moderate but stable trade growth in 2026, driven by Armenia’s continued economic momentum, deeper cooperation with EAEU partners, and gradual stabilization of logistics systems. Stronger consumer demand is also expected to be a favorable factor.

The EEC acknowledged potential risks but maintained a generally positive outlook, citing a firm foundation for trade recovery and long-term strengthening.