Russia-Armenia trade turnover halves

Russian Deputy Prime Minister Alexei Overchuk has announced a significant reduction in trade between Russia and Armenia this year.

The deputy PM said he expects the trade turnover by yearend to decrease twice compared to the previous year.

"Trade has declined significantly. We expect it to drop twice at yearend, compared to the previous year. Last year trade stood at $12,4 bln, but this year it will be around $6 bln, or maybe a bit more," Overchuk said.

The official had previously stated that Yerevan's Euro-integration course is undermining Russian-Armenian trade and economic relations.

However, Overchuk also noted that Armenia's membership in the EAEU (Eurasian Economic Union) has allowed the country to increase its GDP per capita from $3,800 to $8,500 over ten years.