The Russian side will fully honor its commitments on concession of the Armenian railways, President of Russian Railways OJSC Vladimir Yakunin told a briefing on July 1. He added that there were apprehensions that crisis might affect the fulfillment of the Russian company’s commitments. However, it did not happen. The Russian Railways fully fulfill commitment and will continue it in future.

He also noted that no new railways will be constructed in Armenia. In particular, Armenian media spread information saying that the Vanadzor-Fioletovo passage will be rerun. However, Yakunin pointed out such a project is economically unsounded. According to him, 6 bn RUB investments (about $200m) are necessary for the construction of the 51km-long Vanadzor-Fioletovo passage. Among the investment priorities, he said, are the modernization of the railway complex, construction of an educational center and preparation of a check point bordering with Turkey.

Yakunin added that presently the company wants to see economic development in Armenia more than ever before. “We are a carrier and we need operating Armenian enterprises,” he concluded.