In light of the new sanctions, it may be profitable for Russian companies to do business in Armenia and other countries of the Eurasian Economic Union. This opinion was shared by the Deputy Chairman of the Central Bank of the Transcaucasian Republic Hovhaness Khachatryan.

Armenia may turn out to be convenient for Russian business or money transfers of companies from the Russian Federation due to financial and tax transparency, the similarity of business culture and the spread of the Russian language in the republic.

“This creates opportunities for Russian companies, and it can be assumed that some of them will find Armenia convenient for themselves,” according to the deputy chairman of the financial regulator.

At the same time, there is a risk that some Russian companies operating in Armenia will reduce their projects in the country due to general economic difficulties, Khachatryan noted.

As for the sanctions against Russian banks, the deputy head of the Central Bank stressed that the subsidiaries of the Russian VTB, including those in Armenia, will be affected to a lesser extent by the restrictions.

“Operations inside Armenia are not limited in any way - only a small part of foreign ones. For example, difficulties may arise with the transfer of funds to the United States or the European Union, but they can be carried out in other ways that do not contradict the announced sanctions,” he explained.