The Russian Foreign Ministry announced an increase in trade turnover with Armenia by 86% in five months of 2023

In the first five months of 2023, the trade turnover between Russia and Armenia increased by 86%. About this in an interview with TASS informed Denis Gonchar, Director of the Fourth Department of the CIS countries of the Russian Foreign Ministry.

“We are also observing positive dynamics this year: in January-May, trade grew by 86% compared to the same period in 2022, amounting to $2.3 billion,” Gonchar said, noting that last year the trade turnover broke all records and reached $5 billion rubles

He added that Armenia’s export to Russia increased by 3.3 times, which is also a record figure. According to him, this allows us to talk about the priority of the Russian market for Armenian manufacturers.

Russia expects further growth in trade, including due to the expansion of the capacity of the Verkhny Lars checkpoint, Gonchar said. “Almost half of all foreign investment in the republican economy comes from Russia. The largest taxpayers in the first half of the year were economic operators with Russian participation – the Zangezur Copper-Molybdenum Combine and “Gazprom Armenia,” the head of the department said.

In July, the Financial Times reportedthat the export of cars from Armenia to Russia increased from $ 800,000 in January 2022 to about $ 180 million in January 2023. The newspaper associated such dynamics with the re-export of goods to the Russian Federation, which began against the backdrop of the introduction of Western sanctions, the newspaper notes.