EAEU integration model effective - Alexey Overchuk 

ArmInfo. In 2021-2022, a fivefold increase in money transfers from Russia to Armenia was recorded - from $867 million to $4,385mln. However, the reasons for opening accounts in Armenia were, among other things, gaining access to international payment systems, Russian Vice-Premier Alexey Overchuk stated this in an interview with Expert magazine, speaking about the advantages of the Eurasian Economic Union (EAEU) over the EU.

According to the Russian Deputy Prime Minister, who made reference to  data from national statistical agencies, in 2023 compared to 2022,  the real GDP of the EAEU increased by more than 3.5%. Armenia's GDP  grew by 8.5%, Belarus - by 3.9%, Kazakhstan - by 4.9%, Kyrgyzstan -  by 6.2%, Russia - by 3.5%. At the same time, the two leading  economies of the EAEU - Russian and Belarusian - are under the  influence of measures to curb development. Meanwhile, Overchuk  continued, since 2022 there has been a slowdown in the economic  growth rate of the European Union. For January-September 2023, real  GDP of the European Union grew by only 0.5% compared to the same  period of the previous year, while in Estonia GDP decreased by 3.1%,  in Lithuania - by 0.5%, in Latvia - by 0.2%, in Germany and Austria -  by 0.2%.  And, according to emerging estimates, in general in 2023,  Germany's GDP decreased by 0.3%.

"The unemployment rate according to the ILO method in the EU  countries for two quarters of 2023 was 6%, and in the EAEU countries  - 3.5%. The sooner Europe realizes the need to restore relations with  Russia, the higher the chances that Europeans will be able to  maintain their usual their standard of living," Overchuk noted,  adding that Russia occupies a leading position in the trade turnover  of partners in the EAEU. Based on the results of 11 months of 2023,  Russia ranks first in Armenia's trade turnover and constantly  competes for first place with China in trade with Kazakhstan and  Kyrgyzstan. "The ban on the use of traditional reserve currencies  stimulated the economies of the union countries to switch to  settlements in national currencies, the share of which reached 90% in  2023. They began to use national currencies when splitting customs  duties," said the Deputy Prime Minister of the Russian government.

He also touched upon the topic of Russian relocated employees.  According to him, many have already returned home. "It is quite  difficult to assess their impact on the economies of these countries.  For example, in 2021-2022, a fivefold increase in transfers from  Russia to Armenia was recorded - from $867 million to $4385 million.  In 2021-2022, money transfers to Kyrgyzstan also increased  significantly - from $2131 million to $3168 million. On the other  hand, if we decompose these volumes, we find that a significant  contribution to their growth was made by the transfers of labor  migrants, and not just relocated employees.  The reason for this is  the formation of more attractive working conditions in Russia. This  is confirmed by the increase in the number of labor migrants. For  example, in 2021-2022, the number of labor migrants from Kyrgyzstan  increased by 11% - from 884 thousand to 978 thousand people. All this  indicates that our integration model is working," Overchuk said.