Armenia-Russia trade drops over 20% amid import restrictions

Trade turnover between Armenia and Russia declined by 20.5% in the first five months of 2026 compared with the same period last year, according to data released by Armenia's Statistical Committee, AzerNEWS reports.

Russia remained Armenia's largest trading partner during the reporting period, although bilateral trade continued to weaken amid ongoing Russian restrictions on Armenian imports and what appears to be a significant decline in the re-export of Russian precious metals and gemstones.

According to the official data, trade between the two countries totaled nearly $2.2 billion in January–May 2026, down from almost $2.8 billion during the same period of 2025—a decrease of approximately $570 million.

Russia's share of Armenia's total foreign trade also declined, falling from 35.1% to 28%.

Trade between the two countries had expanded rapidly following Russia's full-scale invasion of Ukraine in 2022, driven in part by increased re-export activity and changes in regional trade flows.