Armenia Warns of Economic Apocalypse from Russian Gas Price Hike
The Central Bank of Armenia is warning about the economic risks associated with an increase in Russian gas prices. According to its head, Martin Galstyan, a rise in gas costs could lead to higher energy prices and increased fuel costs, affecting product prices for enterprises that use gas in their production.
In May, the Russian Energy Minister Sergei Tsivilev warned Armenia that if it continues on its path towards EU membership, Moscow may suspend or unilaterally denounce a cooperation agreement on natural gas, petroleum products, and rough diamonds. Yerevan confirmed receipt of this letter but has yet to respond.
Galstyan described the potential scenario as 'apocalyptic' and emphasized that the Central Bank is taking steps to mitigate any risks associated with it.