Armenia attempting to force Russian owners to divest assets — Russian Security Council

Business & Economy September 18, 14:27

Security Council Deputy Secretary Alexey Shevtsov said that such a tactic is going to be a real "shot in the foot" for the Armenian economy

MOSCOW, September 18. /TASS/. Armenian authorities are seeking to devalue Russian assets to force their owners to divest them, Russian Security Council Deputy Secretary Alexey Shevtsov told reporters.

"We are seeing signs that Russian industrial and infrastructure enterprises in Armenia could become the next targets (of forcible takeovers - TASS)," he said.

"Arguments about them being underfunded, the negative impact on the investment climate, environmental damage caused by their operations, low employee wages are being put forward," Shevtsov said, adding that "this is being done to devalue Russian assets and force owners to get rid of them."

"Such a tactic is going to be a real 'shot in the foot' for the Armenian economy, considering that Russian businesses have created tens of thousands of jobs in the republic and effectively and legally manage their assets, making a significant contribution to Armenia’s GDP," he warned.

Secretary of the Russian Security Council Sergey Shoigu said earlier that a hostile stance and blatant double standards are appearing against Russian businesses operating in Armenia, adding that what is happening to enterprises and entire sectors, into which Russia has made investments amounting to billions, can be described as a forcible takeover.

"We state that official Yerevan is exerting pressure not only on Russian business but also on Armenian entrepreneurs who disagree with the policy of [Prime Minister Nikol] Pashinyan and belong to the opposition," Shevtsov said. "As we can see, the economic ‘stick’ and corporate raiding are becoming a fully functional tool for Armenian authorities pursuing a policy advantageous to themselves of worsening conditions for Russian companies and the citizens they employ, as well as eliminating the political landscape of their main rivals," he stressed.

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