Armenia continues to boast about its economic achievements, citing impressive figures.

Economy Minister Gevorg Papoyan recently announced in parliament that Armenia's trade turnover with the EAEU countries in January-August 2024 reached $9.173 billion, double the amount from the same period in 2023. However, Armenia’s exports to EAEU countries are more modest, totaling only $2.052 billion of the overall turnover.

Over the past few years, the share of the EAEU in Armenia's total trade has increased from 27% to 40%. This rise, as experts note, has been largely driven by stronger trade relations with Russia. This year, Armenia is expected to see a record trade turnover with Russia, reaching between $14 and $16 billion. But this raises some important questions.

While Armenia's foreign trade indicators are soaring, the real economy shows no signs of substantial development. This discrepancy is puzzling, as Armenia’s economy primarily relies on the service sector, remittances from Russia, and Russian-European re-exports. Yet the growth of foreign trade figures suggests something of a mystery, a phenomenon that has not been observed elsewhere in the global economy. There are no underlying factors or fundamental changes to explain this sudden growth—everyone knows that the economy is based on external financial flows rather than actual domestic production or innovation.

Interestingly, this situation seems to go unnoticed by the Western media and critics. For example, when Azerbaijan cooperated with Gazprom, it sparked a wave of outrage, including campaigns against SOCAR in Ukraine. Western partners strongly condemned Baku for allegedly violating sanctions, even though no violations actually occurred. Meanwhile, Armenian propaganda and Western media working on behalf of Armenia have falsely claimed that Azerbaijan is selling Russian gas to Europe, citing Azerbaijan’s lack of domestic fuel production. This accusation is utterly baseless, but the real issue here is not just the smear campaign against Azerbaijan (which we are used to) but the glaring hypocrisy of Western critics.

While the West expresses concerns about the sanctity of sanctions against Moscow, they seem to overlook Armenia’s role as a key player in the re-export of sanctioned goods to and from Russia. There are no protests in Ukraine, for instance, over Armenian businesses operating in violation of Western sanctions—despite Armenia’s clear involvement in circumventing these sanctions. Yet Azerbaijan, which hasn’t engaged in any illegal activities, is unjustly targeted.

This double standard is also evident in the way international financial institutions and rating agencies view Armenia’s economic performance. Forecasts for Armenia’s economy are optimistic, but few experts question the underlying truth behind these figures. The billions that poured into Armenia’s budget after the war in Ukraine are presented as if they were a normal, everyday occurrence. But how did this happen?

It seems there is little scrutiny of Armenia’s activities, even though they are clearly linked to illegal dealings in violation of international sanctions. And what is perhaps most striking is how Armenia benefits from favorable treatment, thanks to its powerful Western "relatives," who turn a blind eye to Yerevan’s activities. This makes it clear that Armenia's economic "growth" is not due to genuine progress, but rather due to its ability to hide its illegal actions behind a veil of Western protection.