A potential increase in the price of natural gas supplied by Russia to Armenia could reduce the country’s economic growth by at least 5 percentage points (pp). According to Interfax, Armenian Economy Minister Gevorg Papoyan made this statement. He described such a scenario as undesirable, saying: "A change in gas prices could affect the economy by 5–7 percentage points, perhaps even more." "Nevertheless, this would not lead to an impasse.
However, it would be highly undesirable. An increase in gas prices is undesirable, but I believe that, over time, it would make sense to purchase gas at market prices," Papoyan noted. According to the minister, Armenia should consider purchasing all goods and resources at market prices.
"If we do not purchase something at market prices, we will still have to pay for it one way or another, because no country will sell us products at a low price," Papoyan added. A report titled "On the Possible Consequences of Suspending the Treaty on the Eurasian Economic Union of May 29, 2014," states that Armenia’s gas imports would become 69% more expensive if the country’s EAEU membership were suspended. The report also notes that suspending Armenia’s membership in the Eurasian Economic Union (EAEU) would lead to a deterioration in the country’s economic performance.
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