There are many risks. We have many different calculations, we have some calculations related to these issues as well; we assess and calculate all the risks. Finance Minister Vahe Hovhannisyan told this to reporters in the National Assembly Monday—and addressing the question of whether Armenia's exit from the Russia-led Eurasian Economic Union (EAEU) was on the agenda and whether they have calculated what will happen if Armenia leaves the EAEU, taking into account the connection of its economy with Russia.

"We [i.e. Armenia] are discussing various scenarios, our work practice is to assess many different risks, and we have analyses of what will happen in this or that case. But it is pointless and inappropriate to talk about it; that is our work practice," said Hovhannisyan.

When asked whether is better for Armenia to stay in the EAEU or to leave it and move towards the European Union and the US, he responded: "Life is not black and white. There are many circumstances that we [i.e. Armenia] have to take into account when making any decision. In case of exit from the EAEU, yes, there will be risks. It is very obvious because most of our exports go to the EAEU. Then, leaving then EAEU will have its risks if it happens today. I don't know what steps Russia will take, but there will be various risks if various steps are taken."

To the question as to what Armenia was doing to make its products more competitive for Europeans, the minister of finance responded: "Now we are preparing a promotion program, and it does not only concern the EU. We have been working for two years already towards diversifying our exports with various tools. Now there is another initiative that we are discussing in the government; it will be announced soon."

And regarding the harsh reaction of Russia when Armenia announces its European integration, the finance minister said: "It has a very obvious answer because the relations between Europe and Russia are tense, and anything like this can cause such a sharp reaction. What has been accepted by the [Armenian] government is that it is possible to think in that direction; that is, to go along the path of EU membership—but we don't know how long that path will take and how it will go. We have been going on that path for a long time."