Mutual trade between Armenia and Russia surged to nearly $12 billion in 2024—a 1.6-fold increase—according to Russian Deputy Minister of Economic Development Dmitry Volvach. He announced the figure during the 10th Armenian–Russian Interregional Forum held in Yerevan.

Volvach called the figure unprecedented. “This couldn’t have even been planned five years ago,” he said, attributing the rise to enhanced bilateral cooperation and stronger integration under frameworks like the CIS and the Eurasian Economic Union (EAEU).

He emphasized that both nations are turning global challenges into strategic opportunities: “The potential of our regional cooperation remains far from fully realized.” He expressed confidence the forum would spark new ideas, partnerships, and contracts at the regional level.

Volvach noted that 21 agreements are in effect between 7 Armenian provinces and 16 Russian regions. Two new agreements were signed during the forum—between Russia’s Rostov Region and Armenia’s Ararat Province, and an action plan under an existing agreement between Arkhangelsk Region and Armenia’s Vayots Dzor Province.

Calling on Armenian investors to leverage available regional investment tools, he also highlighted a kindergarten project in the Russian-speaking village of Fioletovo in Armenia’s Lori Province. The initiative is backed by Rossotrudnichestvo and major Russian companies.

Volvach concluded by reaffirming Russia’s commitment to supporting Armenian investments in Russian regions and deepening integration at all levels.