Moscow Warns Yerevan: Do Not Forget the Advantages of EAEU Membership

Russian Economic Development Minister Maksim Reshetnikov emphasized that Armenia should not forget the economic advantages of its membership in the Eurasian Economic Union (EAEU). Amidst the controversy over the South Caucasus Railway and discussions about turning towards the EU, Reshetnikov reminded that Yerevan has gained free access to the markets of Russia, Belarus, Kazakhstan, and Kyrgyzstan through its EAEU membership. The Minister noted that Armenia's exports, which were $240 million before joining the EAEU, have increased to $3.2 billion, with over 80% of the country's traditional exports going to these markets. Reshetnikov also touched upon the issue of gas supply, stating that Russia sells gas to Armenia at $177.5 per thousand cubic meters, which is essentially a 'subsidy' compared to European prices exceeding $600. According to Reshetnikov, these advantages allow Yerevan to save $120 million annually, and if Armenia were to leave the EAEU, its exports to EAEU countries could decrease by more than 60%, according to expert forecasts. Reshetnikov also recalled that the South Caucasus Railway is not a 'free' asset for a Russian company, with investments exceeding 30 billion rubles, and emphasized that if the contract obligations are unilaterally changed, they will demand compensation.