BOAO /China/, March 27. /TASS/. Moscow will have to reconsider its entire spectrum of economic relations with Yerevan should Armenia pursue accession to the European Union (EU), Russian Deputy Prime Minister Alexey Overchuk told journalists.
Earlier, Armenian lawmakers approved in the second and final reading a draft law initiating the country’s EU accession process.
"For our part, we are, of course, closely monitoring these developments. We understand that if Armenia is moving toward Europe, then it will inevitably necessitate a comprehensive reassessment of our economic relations with the country. Unfortunately, this will have an impact on the standard of living in Armenia, which is something we would very much like to avoid," Overchuk stated.
He noted that he had reviewed the text of the recently adopted Armenian legislation, describing it as "filled with broad, well-intentioned declarations" but lacking substantive detail. "This is Armenia’s internal matter. We actually recognize that both the Eurasian Economic Union (EAEU) and the EU share similar policy agendas. Therefore, Armenia will inevitably have to make a definitive choice, as it is entirely unrealistic to choose both blocs simultaneously," Overchuk emphasized.
He further highlighted that trade turnover between Russia and Armenia surged to $12.7 bln in 2024, reflecting an increase of over 50%. "In contrast, trade with the European Union stands at just over $2 bln and has declined by 12%. This clearly demonstrates the economic advantages of trading within the Eurasian Economic Union as opposed to engaging with Europe. The Armenian people will ultimately have to decide," Overchuk continued.
At the same time, he pointed out that Armenia remains an active participant in the EAEU and continues "to make a significant contribution to Eurasian integration".