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July 23
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Direct foreign investments to Armenia from Russia, and in recent years also from the UAE, are several times higher than those from European countries, economist Narek Kostanyan said during a discussion Tuesday.

In his assessment, in 2023, the net inflow of remittances made by individuals from European Union EU) countries to Armenia amounted to about $60 million, whereas from the countries of the Eurasian Economic Union (EAEU)—$600 million, of which 64 percent was from Russia.

Kostanyan explained that the aforesaid indicator for EAEU is linked also to labor migrants working in Russia.

"Taking into account these data, Armenia's sharp reorientation towards the EU economy may cause problems," added the economist.

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