The imposition of sanctions by the European Union and the United States against Russia in response to military operations in Ukraine did not bring the necessary destructive effect on the Russian economy. The IMF's forecast in the April report "Prospects for the development of the regional economy", which describes the consequences of sanctions for the Caucasus, is also not justified.
According to the Washington Post, growing problems in the EU and the US are preventing an increase in sanctions pressure on Moscow, which is already extraordinary in its scope.
There is an accelerated rise in energy and food prices. European countries continue to buy energy resources, providing Russia with record profits. Inflation in the EU has reached record levels over the past 40 years.
The strengthening of the ruble has a positive effect on Russian-Armenian trade relations and on money transfers coming from the Russian Federation to Armenia. The forecast of a reduction in demand for Armenian goods in the Russian market is not justified. External sanctions stimulate mutual trade. The republic's export has increased by 23% since the end of February.
The relocation of about 85 thousand Russian citizens and 113 IT companies have a positive impact on the Armenian economy. Russian citizens have created about 1, 000 private enterprises in Armenia, paying taxes to the budgets of both countries. The republic has favorable conditions for doing business by Russian companies, especially in IT.
It is worth noting that the intelligence service of the Ministry of Defense of Ukraine accused Armenia of ne***iating with Moscow on the re-export of Russian products to international markets. In fact, while the sanctions policy exacerbates the food crisis around the world, Russia remains one of the guarantors of food security and stability in the commodity markets.