News - Fitch considers economic dependence on Russia a geopolitical risk for Armenia

Against the backdrop of the announcements by the Armenian authorities to diversify the country’s economy, one of the most prestigious rating organizations, Fitch, does not expect significant changes in the near future; Armenia is highly dependent on Russia, reports the agency. Despite the current political tension between Yerevan and Moscow, mutual trade is setting new records. In the first ten months of 2023, the trade between the countries exceeded $5 billion. Fitch considers such a large economic dependence on Russia a geopolitical risk for Armenia, the RFE/RL Armenian Service reports. "Our largest trade partner is still Russia, although its share in the total trade has slightly decreased. Second, the United Arab Emirates, China, Georgia, the United States of America, which is on this list for the first time," said Armenian Economy Minister Vahan Kerobyan. Fitch expressed this view in the framework of its regular update on Armenia. The agency has left country's rating unchanged.