Commodities
Russia's Gas Price Hike for Armenia Labeled 'Apocalyptic'
Russia's potential increase in gas prices for Armenia has been deemed 'apocalyptic' by the head of the Central Bank of the Republic, Martin Galstyan.
Galstyan warned that such a move would have a double effect on the economy, primarily driving up the overall inflation rate.
Armenia relies heavily on Russian gas, with Gazprom supplying around 2.7 billion cubic meters of gas to the country in 2025.
The current suspension of natural gas supplies from Russia to Armenia due to scheduled maintenance and repair work is expected to be carried out from September 15 to 25.