Russian Premier Vladimir Putin hopes Armenia will create favorable conditions for Russian businesses, which will allow both countries to develop their cooperation.

“We hope, due to your support and that of the Armenian President, Russian businesses will feel as comfortable as your other partners in Armenia, and we will be able to reach new levels due to our combined efforts,” Premier Putin said, addressing his Armenian counterpart in Saint Petersburg, December 22.

Despite the crisis, “no Russian company left Armenia,” he said.

The crisis caused a decrease of about 20% in bilateral trade turnover. However, this January-September, the bilateral trade turnover showed a 16% increase. “Russian supported Armenia by issuing a U.S. $500 million loan for 15 years,” the Russian Premier said. “It enabled us to maintain the trade turnover and Russian investments in the Armenian economy at a certain level,” Putin said.

The Russian Premier designated the bilateral relations as “special in many aspects – both in political and military areas.” “We can observe our Armenian partners’ willingness for expanding cooperation in this area,” Putin said. He singled out successful cooperation in operating the military base in Gyumri.