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The European Commission has disbursed €34 million to Armenia to help mitigate the impact of Russia's trade restrictions on the country's private sector, the Delegation of the European Union to Armenia said in a press release.
“Just two weeks after President von der Leyen's call with Prime Minister Pashinyan, the EU is delivering swiftly on its commitments to support Armenia and its people. This financial assistance is the first tranche of a broader package announced by President von der Leyen, which also includes trade facilitation and solidarity measures to strengthen Armenia's economic resilience. Building on the commitments made at the EU-Armenia Summit last month, the EU and Armenia will continue working together to strengthen business ties and expand market access for Armenian producers. Additional support will be provided to sectors affected by the trade restrictions, including agri-food products, flower production and other export-oriented industries, through trade initiatives, business matchmaking events and targeted market access initiatives. The EU-Armenia Task Force on Economic Resilience continues to meet regularly to steer and monitor the implementation of these measures,” the EU Delegation said.
Commissioner for Enlargement, Marta Kos, said: “The EU stands firmly with Armenia – a sovereign, democratic and independent country. Today's support will help address immediate economic challenges while opening new opportunities for Armenian businesses to trade with regional and European markets. This is European solidarity in action”.
On 5 July, Commissioner Kos will travel to Armenia to advance the implementation of the support package and discuss further steps to strengthen EU-Armenia cooperation.
Ahead of the parliamentary elections held on June 7, Russia imposed restrictions and bans on the import of numerous Armenian goods, which remain in effect today. The move prompted exporters to look for new markets, including in the EU. The EU has since announced support measures. European Commission President Ursula von der Leyen, following a phone call with Armenian Prime Minister Nikol Pashinyan, announced immediate financial assistance of more than €50 million, along with other support measures to facilitate trade, including steps to expand export opportunities for Armenian goods.
Russia has cited phytosanitary violations as the reason for the ban, which has been widely viewed by the EU as “economic coercion.”