An inventory is being carried out of all kinds of problems and risks for us related to the Russian-Ukrainian conflict. The Minister of Economy of Armenia, Vahan Kerobyan, stated this at a press briefing Thursday.

According to him, some of these problems and risks will become a reality for Armenia. He noted that there are different positions within the Armenian government with respect to the amount of the country’s exports to Russia. Some expect a 40-percent decline, whereas those who do not agree with that base their respective view on the problems of cargo transportation to Russia.

"It means that the demand will increase significantly, especially in terms of essential goods, which will affect Armenia's processing industry. We mainly export foodstuff to Russia," Kerobyan said, reminding that in 2021, Armenia’s exports to Russia has amounted to about $800 million.

The economy minister assured that the Armenian authorities will do their best so that the country’s exports to Russia do not suffer, and make efforts to diversify Armenia’s sales markets—for example, to Iran, China, Arab countries.

"In the closed part of the government session, the economic scenarios of the development of events and our likely steps to counteract will be discussed. A platform is being created where we must operatively discuss the situation. There are many uncertainties ahead," Vahan Kerobyan concluded.