YEREVAN. - The Economic Crisis in Europe will surely affect Russia and the CIS states, the Director of the Economic Institute of the Russian NAS Mikhail Golovnin announced during a conference between Yerevan-Moscow-Kiev-Kishinev-Astana on Wednesday.

“The economy of Russia as well as the economies of the other CIS countries is rather open and because of that it will not be possible to escape the effects of the crisis. Not only will Russia suffer from a second crisis wave but it will also become a bypass channel for the crisis to pass to other countries especially to the CIS states,” he said.