Pluses and minuses of Armenia entering the Custom’s Union

Economic sanctions against Russia for its occupation of Ukrainian territory of Crimea will eventually have a negative effect on Armenia’s economy. The country’s minister of economy Vagran Avanesian made a statement on April 18.

According to the primary estimation, Customs Union membership should have increased Armenia’s GDP by an additional 1.5%.

Russia is a major investor in Armenia, so any economic changes in Russia will definitely influence the situation in Armenia.

The US and the EU imposed some sanctions against Russia and presumably, these sanctions will increase and involve more segments of the economy and companies as well. Therefore, Armenia’s economy will suffer form such developments.