Reshetnikov Warns Armenia on EAEU Membership Benefits and Gas Prices

Russian Economic Development Minister Maxim Reshetnikov emphasized the significant economic benefits Armenia receives from membership in the Eurasian Economic Union (EAEU) and trade with Russia.

In response to Armenian Prime Minister Nikol Pashinyan's comments about the South Caucasus Railway, Reshetnikov noted that Armenia has been a member of the EAEU since 2015 and has seen its exports to EAEU countries increase more than thirteenfold, from $240 million to $3.2 billion.

Reshetnikov also argued that Armenia's share of Russia's total foreign trade is less than one percent, making it unlikely for other countries to offer comparable terms on natural gas prices.

He claimed that Armenia saves approximately $120 million annually due to a 30 percent reduction in customs duties on natural gas and warned that if Armenia loses full access to the EAEU market, its exports to the Union would decline by more than 60 percent.