ArmInfo. The impact of sanctions against Russia on the Armenian economy and the possibilities of mitigating their negative consequences were discussed in Yerevan. This was stated in a statement by the Union of Industrialists and Entrepreneurs of Armenia.
The statement notes that Alexander James, Regional Coordinator for Sanctions at the British Embassy in Georgia, took part in the discussions. Expressing gratitude for the reception, James noted that the visit to Yerevan is an excellent opportunity to discuss the impact of sanctions imposed against Russia on the economy, find solutions to existing problems, study the negative consequences for business and the possibilities of mitigating them, and find new ways of cooperation.
In turn, Nerses Karamanukyan, Vice President of the Union of Industrialists and Entrepreneurs of Armenia, presented the realities and trends that have been recorded in Armenia as a result of the sanctions imposed against Russia. According to him, the impact was both positive and negative. On the one hand, the movement of a large number of companies and highly qualified specialists from Russia to Armenia has been recorded, which, in turn, has led to the activation of a number of economic sectors, significant additional financial flows, an increase in trade turnover and volumes of foreign trade.
On the other hand, the scope of activities of many companies and financial institutions was limited, which led to additional problems.
The guest introduced the activities of the UK Foreign and Commonwealth Office to those present. Joint initiatives were mentioned that will be aimed at minimizing the undesirable consequences of sanctions, diversifying export markets, creating sustainable economic activity and integrating into the European economy.
During the meeting, the importance of steps aimed at attracting European business culture to Armenia and the presence of leading Western companies in the country was noted.
