Russian Security Council warns Armenia of potential losses from closer ties with EU

Russian Security Council Deputy Secretary Alexei Shevtsov said Armenia’s economic losses from further integration with the European Union could far exceed the amount of financial assistance offered by Brussels.

According to Shevtsov, Armenia’s tourism sector alone could lose about $1.5 billion if the country were to lose the flow of Russian tourists.

He noted that Russian citizens account for about 40% of all tourist arrivals in Armenia, while tourism revenues support hotels, restaurants and small businesses across the country.


Shevtsov also said that if Armenia stops importing Russian gas, it would need to find an additional $1 billion or more to purchase energy supplies elsewhere. He said Armenia currently receives 2-3 billion cubic meters of gas from Russia annually.

In addition, remittances from Russia to Armenia amount to about $3.9 billion a year, he said.

“If you compare €2-3 million with $1.5 billion, these are simply incomparable figures,” Shevtsov said, referring to EU assistance promised to Armenia as it moves toward closer integration with the Schengen area.