YEREVAN. – Armenia and Russia have agreed on subsidizing the price of the Russian natural gas that is being supplied to Armenia. 

Armenia’s Energy and Natural Resources Minister Armen Movsisyan noted the abovementioned during a briefing with news reporters on Wednesday. 

In his words, the agreement was reached along the lines of Armenia’s Customs Union accession process.

Movsisyan informed that the gas supply agreement will be signed soon.

To note, as of July 1, Russia supplies natural gas to Armenia at a price of $270 per 1,000 cubic meters, but it is sold at $189 per 1,000 cubic meters in domestic market. And Armenia will need approximately $150 million per year to subsidize this difference.     

As Armenian News-NEWS.am informed earlier, as a result of the talks that were held on September 3 in Moscow between Armenian and Russian Presidents Serzh Sargsyan and Vladimir Putin, Sargsyan announced that Armenia plans to join the Customs Union and subsequently engage in the formation of the Eurasian Economic Union.