Sanctions in the context of European Union (EU)-Eurasian Economic Union (EAEU) relations have a negative impact on Armenia's economy. Minister of Economy Gevorg Papoyan stated this during the debates on the performance report of the 2023 state budget of Armenia at the joint meeting of the Standing Committees on Foreign Relations and on Financial-Credit and Budgetary Affairs of the National Assembly Tuesday—and answering the questions of the MPs.

The parliamentarians had asked what kind of contribution of the EU should be expected in Armenia's economy. The minister explained that there is a mutual desire to develop political and economic relations between Armenia and the EU.

"However, there are subjective factors that prevent it. For example, Armenia is a member of the Eurasian Economic Union, and, as you know, EU countries have imposed a large number of sanctions against Russia, the EAEU's largest economy," added Papoyan.

According to him, restrictions create various problems in economic relations with the EU. It is, for example, about the export of copper ore or aluminum foil.

"Before, one of the main markets for these products was Europe. But now, due to the above-mentioned reasons, a gradual change in the structure of the market is observed," explained the economy minister.

Also, he expressed a conviction that the lack of proper diversification of economic relations in Armenia over many years has led to quite serious problems.