Russia-Armenia trade raises sanctions evasions fears

Russia remains Armenia's top trading partner, as data provided by Armenia's Statistical Committee indicates. Data shows Russia's exports to Armenia surged by 5.6 billion US Dollars to nearly 8.3 billion level during the first ten months of 2024.

At the same time Armenia's trade turnover with UAE grew more than fivefold, reigniting discussions about Yerevan's role as a major conduit for exports of Russian gold and diamonds to global markets.

Armenia's domestic gold production, despite importance for local economy, accounts only for a fraction of the figures declared by statistical committee, further confirming the view that Yerevan has been instrumental in helping Moscow evade western sanctions levied against it.

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