Context: The party of Armenian Prime Minister Nikol Pashinyan, Civil Contract, secured a constitutional majority in parliament. In the June 7, 2026 election, 49.75% of voters cast their ballots for the party. The opposition demanded a recount of votes at one-third of the polling stations, but it did not significantly change the results. Only three political parties won seats in parliament. The election was described as pivotal because Pashinyan announced a policy of seeking Armenia’s accession to the European Union, while the opposition advocated for maintaining ties with Russia.
On June 6, 2026, the First News Channel* program Around the Planet reported that Armenia is critically dependent on Russia and the Eurasian Economic Union.
“Armenia’s trade turnover with its Eurasian Union partners surpassed $7 billion for the first time. Up to 90% of Armenia’s finished goods exports go to the Eurasian market. The country is heavily dependent on Eurasian grain and affordable gas.”
The trade turnover between Armenia and the EAEU has exceeded $8 billion, the vast majority of which comes from trade with Russia. However, Armenia’s exports to the Eurasian market, which is primarily the Russian market, account for about 40% of the total, not 90%. This figure has nearly quadrupled in recent years. At first glance, it may appear that Armenia’s economic ties with Russia are growing stronger. However, since the start of Russia’s full-scale invasion of Ukraine, this growth took on its own distinct characteristics.
The main goods exported from Armenia included gold, jewelry, and telephones. However, a significant portion of them is not produced in Armenia. The same categories — gold, telephones, and diamonds — are also among the country’s primary imports. This suggests re-exportation.
The Insider reported that, in this way, Armenian companies are helping Russia get around Western restrictions on the gold trade. The United States banned the purchase of Russian gold in 2022. Armenia’s trade with the UAE increased tenfold after the sanctions were imposed. It is suggested that Russian gold is being shipped to other markets via the UAE.
The three main goods Armenia exported to Russia in 2024 were telephones, hard liquor, and video displays. In 2021, telephones made up just 0.02% of Armenia’s exports to Russia. By 2024, their share had risen to 20%. In other words, the volume of shipments increased by about three thousand times.
Thus, Armenia’s increased exports to Russia following the outbreak of war are more likely due to a sanctions-related anomaly than a normal expansion of trade. Before the war, fewer than one-third of Armenian exports were destined for Russia. European Union countries ranked second, followed by China. Therefore, the claim that Armenia is critically dependent on the Russian market is an exaggeration. In an attempt to prove that a pro-European course is not in Armenia’s best interest, the First News Channel reported that Armenia’s exports to the EAEU had more than doubled.
* The First News Channel is another name for News.by, a media outlet owned by Belteleradiocompany.
