Armenian Trade With Russia Drops 20.5% Amid Import Bans

Trade turnover between Armenia and Russia declined by 20.5% during the first five months of 2026, falling to nearly $2.2 billion from approximately $2.8 billion in the same period of 2025. The Government of Armenia saw its trade with Russia drop by roughly $570 million, causing Russia's share of Armenia's total foreign trade to decrease from 35.1% to 28%.

Data from the Statistical Committee of the Republic of Armenia attributes the decline to Russian import restrictions and a significant drop in the re-export of Russian gemstones and precious metals. Since early June 2026, Russia has phased in bans on various Armenian products, including Jermuk mineral water, flowers, alcoholic beverages, and agricultural goods such as tomatoes, cucumbers, strawberries, cherries, and apricots. Some of these restrictions also affect transit through the Eurasian Economic Union.

In response to these challenges, Armenia held discussions with the Government of Estonia on July 14, 2026, to explore deepening bilateral business ties and trade cooperation. While bilateral trade had previously surged following Russia's 2022 invasion of Ukraine due to shifted regional trade flows, Russia remains Armenia's largest trading partner despite the current weakening trend.