Past daily of Armenia writes as follows, in particular: During the CIS summit held in Dushanbe, a debate had taken place between [Armenian PM] Nikol Pashinyan and Russian President Vladimir Putin over the figures of Armenian-Russian trade. When asked by Putin how much the trade between the two countries was, Pashinyan responded that in 2025 it amounted to 4 billion [US] dollars, and in 2024—to 9 billion. However, the Russian president disagreed, and noted that the real figures were “much higher.” “Well, that could be,” Pashinyan replied.

After that, the CC [i.e. the ruling Civil Contract Party] officials and MPs, one after another, were attempting to show that Pashinyan had not been mistaken; he had compared comparable figures, and so on. At the same time, several experts show a noteworthy picture. According to official data from Armenia’s Statistical Committee, in 2024 the trade between Armenia and Russia amounted to 12 billion 401 million 604.4 thousand dollars. Thus, 2024 became a historic high, recording nearly double growth compared to 2023.

At the same time, according to August 2025 data, the actual trade [between Armenia and Russia] amounted to about 4.5 billion dollars, while in the same period of 2024 it was 9.2 billion dollars. That is, Pashinyan effectively “shortened the year to eight months,” confusing the numbers and comparing not annual but eight-month figures.

Our research shows that by the results of 2025, Armenian-Russian trade will reach at least 7 billion dollars, which is a considerable decline compared to the previous year. Nevertheless, Russia continues to remain Armenia’s main trading partner, accounting for 34.8 percent of the country’s total foreign trade. According to experts, the future dynamics will depend on several factors, including regional geopolitical developments, the upcoming parliamentary elections [in Armenia], and the next steps in Armenia’s foreign economic policy.