Putin appears surprised by trade decline with Armenia

Russian President Vladimir Putin appeared surprised today at the CIS summit when informed that trade with Armenia has dropped by over 51%.

Speaking at the televised event in Tajikistan, President Putin asked Armenian Prime Minister Nikol Pashinyan about the bilateral trade. Pashinyan said that in the first eight months of this year, trade amounted to over $4 billion. However, Putin seemed perplexed. Pashinyan then reminded him that trade reached over $9 billion last year, referring to the first eight months of 2024. Putin disagreed, stating that the figure was "higher last year and will be even higher this year."

Official Armenian data shows that Armenia-Russia bilateral trade amounted to $4.5 billion in the first eight months of this year, representing a 51.3% decrease compared to the same period last year. Both imports and exports have declined.

Overall Armenia-Russia trade in 2024 amounted to $12.4 billion, from which $9 billion was recorded in the eight months of the year.

Shortly after the exchange at the summit, some figures in the Armenian media sector seized the opportunity to amplify the momentary confusion.

In response, an Armenian lawmaker reiterated the data, supporting Pashinyan’s figures.

MP Babken Tunyan, Deputy Chairman of the Armenian Parliament’s Economic Affairs Committee, said that this year’s trade figures cannot surpass last year’s unless a “miracle” happens between September and December. He added that Putin’s prediction of higher trade this year is incorrect.

However, Tunyan warned that the trade figures between Armenia and Russia over the past two to three years should be approached with caution. “This is because re-exports are included in those numbers. If we filter out re-exports and try to understand the actual trade, the figures will be much smaller,” the MP emphasized.