YEREVAN. – By choosing the Eurasian Economic Union (EAEU), Armenia was deprived of the billions of euros given by European Union (EU) donors, economist Ashot Yeghiazaryan noted at a press conference on Saturday.

He recalled that in the event of signing the Association Agreement with the EU, Brussels was to convene a donors’ conference in Armenia.

“We [i.e. Armenia] were to get billions of euros of investments for road construction and irrigation systems,” stated Yeghiazaryan. “We would have gotten money also for construction of the North-South Highway[, which will run through the country].”

In his words, the EU would have also provided security guarantees—albeit indirect—to Armenia.

On September 3, 2013, the Armenian leadership announced its intention to join the then Customs Union, which later became the Eurasian Economic Union—which currently comprises Armenia, Russia, Belarus, Kazakhstan, and Kyrgyzstan.