Trade between Russia and Armenia could fall by $3 billion by the end of 2025, Russian Deputy Prime Minister Alexey Overchuk stated at the St. Petersburg International Economic Forum.

Among the main reasons, Overchuk cited obstacles, barriers, and the work of regulatory bodies. There are also problems with mutual calculations, he added.

“We also need to expand the number of checkpoints at Upper Lars [checkpoint on the Russian-Georgian border], where heavy traffic jams are again being recorded these days. However, Armenia’s participation in the EAEU [i.e. the Eurasian Economic Union] ensures the country’s stable economic growth,” Overchuk said.

According to him, ten years ago, when Armenia joined the EAEU, per capita GDP in the country was about $3,800, but today it has reached $8,500. Of course, this cannot be called a large income, but the indicator speaks of the pace and potential, the Russian deputy PM added.