It is a matter of serious concern that Armenian authorities have chosen a path towards European integration – Samvel Karapetyan

It is a matter of serious concern that the current Armenian authorities have chosen a path towards European integration. With the withdrawal from the EAEU, Armenia’s economy may face a serious blow, which may lead to the paralysis of certain sectors and instability of the country’s economic system, Samvel Karapetyan, President of Tashir Group of Companies and President of the Armenian Businessmen Association, said during the meeting of the Armenian Businessmen Association in Moscow on April 12.

“I would like to separately dwell on the issue of energy security, which is directly related to Armenia’s economic stability and even national security. Today Russia is the key supplier of energy carriers for the Armenian economy. Gas and oil are supplied through stable, well-established channels on favorable conditions for Armenia. Long-term contracts ensure predictable pricing and reliable supply.

If Armenia leaves the EAEU, the unified mechanisms for regulating prices and supplies will cease to operate, which means that the cost of gas, oil products and electricity will increase. In other words, the entire Armenian economy may face a serious blow, which may lead to paralysis of certain sectors and disruption of stability in the country’s economic system,” he said.

According to Karapetyan, it is important to realize that energy security is not just an economic issue, it is a strategic factor, on which the future of the countries depends.

“Any steps that jeopardize this security must be carefully calculated based on real national interests, not short-term political calculations. Despite the turbulence of the world economy, Russia maintains its status as the largest investor in Armenia, creating new enterprises and jobs. We are obliged not only to preserve but also to strengthen this strategic investment alliance. I believe that the issue of investments is not just a matter of economy, it is a matter of the future.

And the choice should be made based on balanced calculations, based on national interests and real benefit for every citizen of Armenia. I would like to draw attention to the financial flows of the Armenian Diaspora from Russia to Armenia. The labor activity of our compatriots in Russia brings significant financial flows to Armenia. In 2024, the money transfers from Russia to Armenia amounted to $3.8 billion, which is 65% of the total volume of cross-border transfers to the country,” the businessman noted.

Karapetyan added that these financial influences are comparable to a significant part of the Armenian state budget and play a key role in maintaining the stability of the banking system, stimulating domestic demand and raising the living standards of citizens.

“Reduction or cessation of these flows may lead to destabilization of the financial system. This will be a drop in consumer activity and a possible deterioration of the social and economic situation of the population. Our country cannot afford such scenarios,” he said.