The European Commission has disbursed €34 million ($39 million) to Armenia, aimed at offsetting the impact of Russia’s trade restrictions on the country’s private sector.
According to the European Commission, the support comes just two weeks after Commission President Ursula von der Leyen held a call with Armenian Prime Minister Nikol Pashinyan, in which she pledged rapid assistance to help Armenia’s economic pressure.
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“Today’s support will help address immediate economic challenges while opening new opportunities for Armenian businesses to trade with regional and European markets,” Commission for Enlargement Marta Kos said.
The first installment comes as a part of a wider package that combines direct financial aid with trade facilitation and other solidarity measures. Building on commitments made at last month’s EU-Armenia summit, Brussels and Yerevan plan to deepen business ties and expand market access for Armenian producers.
Reportedly, Kos is expected to travel to Armenia on 5 July, aiming to further strengthen EU-Armenia cooperation, while also advancing the implementation of the support package.
Trade tensions as Armenia moves closer to the West
Hours after Prime Minister Nikol Pashinyan declared victory in parliamentary elections, Russia warned of new trade restrictions on Monday, June 8.
So far, Russia has already imposed a range of restrictions on Armenian products, such as fruit, vegetables, alcohol, mineral water and flowers, with additional fish import restrictions.
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