Putin Warns Armenia Could Lose Over 14% of GDP if It Exits EAEU for EU on May 29

According to a Kremlin statement, Russian President Vladimir Putin said on May 29 during a press conference in Astana, Kazakhstan, that Armenia's choice between the European Union and the Eurasian Economic Union is purely an economic matter. If Armenia withdraws from the EAEU, it will lose preferential treatment in market access, labor mobility, standards certification, tariff rates, logistics fees, and energy prices.

Putin stated that expert calculations suggest such a move could result in Armenia losing over 14% of its GDP, while also suffering losses in services trade and capital investment related to Russia.