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ARMENIA'S ECONOMY TO SUFFER FROM U.S. SANCTIONS
AzerNews, Azerbaijan
July 18 2014
18 July 2014, 14:13 (GMT+05:00)
By Jamila Babayeva
The U.S. has widened sanctions on Russia due to its interference in
Ukraine's crisis. The Russian state companies Gazprombank and Rosneft
are among the latest Russian entities coming under U.S. sanctions.
The sanctions ban these companies' entrance to the U.S. financial
markets. Russia's President Vladimir Putin condemned the latest
sanctions. He said the sanctions will strain bilateral relations and
hurt Russian and U.S. joint businesses.
Gazprombank and Rosneft have significant share in Armenian market. So
pressure on these companies' will affect inevitably the Armenian
small economy.
The Russian Gazprombank has a subsidiary Areximbank- Gazprombank Group
in Armenia. The assets of this group amounts to around $344 million. A
few months ago Rosneft stated it would examine opportunities for
investing in Armenia's Nairit Rubber Plant, which is facing serious
financial difficulties.
Armenian Economy Minister Karen Chshmarityan acknowledged that U.S.
sanctions will affect Armenia negatively, local media reported.
"I think that sanctions will have some effects," he told reporters.
Armenia's small economy strongly depends on Russia. Local experts
said the second package of sanctions against Russia will certainly
affect Armenia's economy.
"The sanctions will directly affect Armenia's economy because the
Russian companies may refuse to invest in Armenia further," they noted.
AzerNews, Azerbaijan
July 18 2014
18 July 2014, 14:13 (GMT+05:00)
By Jamila Babayeva
The U.S. has widened sanctions on Russia due to its interference in
Ukraine's crisis. The Russian state companies Gazprombank and Rosneft
are among the latest Russian entities coming under U.S. sanctions.
The sanctions ban these companies' entrance to the U.S. financial
markets. Russia's President Vladimir Putin condemned the latest
sanctions. He said the sanctions will strain bilateral relations and
hurt Russian and U.S. joint businesses.
Gazprombank and Rosneft have significant share in Armenian market. So
pressure on these companies' will affect inevitably the Armenian
small economy.
The Russian Gazprombank has a subsidiary Areximbank- Gazprombank Group
in Armenia. The assets of this group amounts to around $344 million. A
few months ago Rosneft stated it would examine opportunities for
investing in Armenia's Nairit Rubber Plant, which is facing serious
financial difficulties.
Armenian Economy Minister Karen Chshmarityan acknowledged that U.S.
sanctions will affect Armenia negatively, local media reported.
"I think that sanctions will have some effects," he told reporters.
Armenia's small economy strongly depends on Russia. Local experts
said the second package of sanctions against Russia will certainly
affect Armenia's economy.
"The sanctions will directly affect Armenia's economy because the
Russian companies may refuse to invest in Armenia further," they noted.