YEREVAN. – Owing to the European Union and the US sanctions against Russia, Armenia may increase the exports of its agricultural products.  

Non-pro-government Prosperous Armenia Party National Assembly Faction member, economist Mikayel Melkumyan expressed such a view while speaking to reporters on Tuesday.  

“[But] Russia’s largest banks and corporations have branches in Armenia. Consequently, the applied sanctions can cause some problems here.

“These sanctions will result in the weakening of Russia’s economy, this will have some impact on Armenia, [and] the remittances [from Russia to Armenia] will reduce,” Melkumyan said.     

In the PAP MP’s view, however, these sanctions will not have legal consequences for Armenia.