In 2022, 108-110 thousand Russians moved to Armenia, RA Minister of Economy Vahan Kerobyan told Vedomosti. He added that the Russians who arrived in Armenia have stayed in Armenia.
According to Kerobyan, in 2022, 2,500 Limited Liability Companies (LLCs) with Russian participants were registered in Armenia, as well as 4,000 individual entrepreneurs. The minister estimated the additional inflow of client funds into the Armenian banking system at 3 billion dollars, which made it possible to secure approximately one quarter of the growth of the gross domestic product (GDP).
“That is, more than 3 percent of the 12.6 percent growth of the gross domestic product (GDP) was secured by those who relocated,” Kerobyan stated.
The minister also noted that Russia and Armenia have completely abandoned settlements in dollars and euros. The ruble, in his assessment, is very volatile; therefore, the Armenian dram is currently more preferable, but the potential for its use in bilateral trade is limited.
