A change in Russian natural gas price in Armenia could have a 5-7% or more impact on Armenia's economy. Armenian Economy Minister Gevorg Papoyan on Wednesday told this to Armenian News-NEWS.am, reflecting on the report on the possible consequences of the Eurasian Economic Union Treaty’s termination for Armenia.

Papoyan said a possible increase in Russian natural gas price in Armenia was undesirable.

"However, as a result of this, no hopeless situation will be created [in Armenia] from which we cannot find a way out. But it is highly undesirable. We have paid or are paying in one way or another for the price difference for the [Russian natural] gas being supplied [to Armenia]. A rise in gas price is not desirable, but I think that over time, purchasing gas at market prices should become logical. We need to reach that point through adaptation," added Papoyan.

Also, he considered the development of alternative sources of electricity to be desirable for Armenia.

“We [i.e. Armenia] should think about acquiring everything at market prices. If we don’t buy something at market prices, then somehow we still pay for it, because no country will just sell us something cheap,” the Armenian economy minister added.

According to him, the 2009 economic recession and its negative consequences for Armenia’s economy were much more severe than the scenario of a rise in the price of Russian natural gas could be. According to Papoyan, at that time—in 2009—the decline was 15%.

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