Fikret Yusifov: Sharp increase in Armenia's foreign trade linked to sanctions against Russia

The sharp increase in Armenia's foreign trade turnover is linked to the sanctions imposed against Russia, Fikret Yusifov, chairman of the Public Association of International Economic Research "Economics," said, Report informs.

He stated that these issues are closely interrelated, one being the cause and the other the effect: "According to information disclosed by the State Statistics Committee of Armenia and international organizations, over the past five years, the value of Armenia's foreign trade turnover has increased 4.2-fold, reaching $30.2 billion from $7.1 billion. While in 2021, Armenia imported goods worth only $1.8 billion from Russia, in 2024 this figure increased 5.1-fold, or $7.4 billion, to $9.2 billion, of which $6.9 billion, or 75%, is accounted for by precious or semi-precious stones and precious metals."