Western sanctions against Russia have led to an increase in the supply of goods to Russia from Armenia. At the same time, the two countries have completely stopped mutual calculations in US dollars and euros, Armenian economy minister Vahan Kerobyan said in an interview to Vedomosti daily.
According to him, the choice of payment currency has become a big problem for trading partners in the current conditions. The reason is that the Russian ruble is now too volatile against the US dollar and the euro to sign long-term contracts, so the Armenian dram is now becoming more preferable. At the same time, the potential of the Armenian national currency to be used in bilateral trade is limited.
In April 2022, the leaders of Armenia and Russia agreed to expand the use of their national currencies during calculations within the framework of mutual trade.
Also, the Armenian economy minister pointed to the four-fold increase in supplies from Armenia to Russia as a result of last year. In 2022, exports from Armenia to Russia increased from $850 million to $2.5 billion—in dollar equivalent. The reason is the departure of Western companies from the Russian market, and this enabled Armenian suppliers to expand their business in Russia.