From 1997 to 2020, Russian companies were the main investors in Armenia. This is stated in the Transparency International Anticorruption Center study on privatization and foreign investments in Armenia, between the aforesaid years.

However, as per this study, the influence and role of Russian companies has been declining in Armenia since 2014.

The study also states that this issue should be discussed in terms of stabilization and the vulnerability of the Armenian economy; that is, how the reduction of these investments can affect the Armenian economy.

Thus, according to this study, in the analysis of direct investments to Armenia from Russia, the US and a number of other countries, the main amount falls on Russia, but, nonetheless, there has been some decline since 2014.