It is no secret that the Armenian economy was largely supported by remittances, especially from Russia.

The story may repeat itself, and Armenia may face the same challenges as it was in the past when the ruble literally collapsed against the dollar. The official exchange rate of US dollar on March 19 was set at 77.21 rubles.

It is not yet a catastrophe, but the situation is not encouraging at all. Oil, while provides a powerful inflow of currency to the Russian economy, has slumped considerably. As a result Armenia will face significant decline in remittances from Russia.

This will also lead to a negative impact on farms, as there are many farmers among labor migrants working in Russia.  In particular, a reduction in farmers' income can stimulate livestock sales.