Armenia disagrees with report on the EAEU

Armenia's withdrawal from the Eurasian Economic Union (EAEU) could slow the country's economic growth by about 1.5%.

This was stated by Armenian Minister of Economy Gevorg Papoyan at a briefing in parliament, Sputnik Armenia reports.

According to him, the direct impact of withdrawal from the EAEU on economic growth could amount to about 0.6 percentage points. Thus, if the projected economic growth is 6.6%, then after leaving the union it could slow to 6%.

However, if additional negative factors arise, in particular the introduction of customs duties that could hamper trade, economic growth could slow to 5%, the minister noted. In the first nine months of this year, Armenia's economy grew by 6.9%.

"Overall there will be, relatively speaking, four or five negative factors, but just as many positive ones," Papoyan stated.

The minister also emphasized the need to promote Armenian goods more actively on foreign markets, noting that all countries pursue such a policy.

"If we had worked not on having khachkars installed and resolutions adopted abroad, but on exporting 10 tons more Armenian goods to one country or another, then Armenia might not have faced the problems it subsequently faced," he said.

Earlier, representatives of Russia, Belarus, Kazakhstan and Kyrgyzstan in the Eurasian Intergovernmental Council presented a report on the possible consequences of suspending Armenia's membership in the EAEU. The document was prepared pursuant to the joint statement of the presidents of the four countries dated May 29, 2026.

According to the report, the possible reduction of Armenia's GDP is estimated at 15.6%, or about $4.6 billion. At the same time, inflation could rise by 14.9 percentage points, and consumption could decline by 14.6%.

A reduction in Armenia's trade turnover with EAEU countries by 55.6% is also projected, including a 65.8% drop in exports. The volume of money transfers from the union's countries to Armenia could decrease from $3.95 billion to $1.85 billion.

In addition, the report examines a scenario in which the cost of Russian gas rises from the current $177.5 to $300 per 1,000 cubic meters, that is, by almost 69%.