Diversification of the economy is not a situation where one of your major trading partners is replaced by another, but rather a situation where you have several major trading partners and many small trading partners. Gevorg Papoyan, the newly appointed Minister of Economy of Armenia, told this to reporters after Thursday’s Cabinet session of the Armenian government.

"Diversification of the economy is a process, as a result of which Armenia becomes proportionally dependent on the world, and the [other] countries of the world become proportionally dependent—to their extent—on Armenia; this is a mutual process," added Papoyan.

And when asked whether Armenia is logistically ready to find alternatives to Russia, the newly appointed minister of economy responded: "You know that most of Armenia's borders are closed, and that is, of course, an objectively very big obstacle. But we consider this only a difficult challenge and do not limit ourselves to it. With daily work, our team will search and try to find new ways for the development of Armenia's economy. We need to increase our trade in all directions."