On June 4, during discussions on the implementation of the state budget for 2023 in the Armenian Parliament, Minister of Economy Gevorg Papoyan stated that sanctions in the context of relations between the Eurasian Economic Union (EAEU) and the European Union (EU) have negatively impacted the Armenian economy.

Addressing a question about potential EU investments in the Armenian economy, Papoyan pointed out that while there is a mutual desire between Armenia and the EU to develop political and economic relations, several subjective factors hinder this progress. "Armenia is a member of the Eurasian Economic Union, and as you know, the EU countries have imposed a large number of sanctions against the largest economy in the EAEU, the Russian economy," Papoyan stated. These restrictions create various problems in economic relations with the EU. For instance, he mentioned that Europe used to be one of the main markets for goods such as copper ore and aluminum foil, but now the market structure is gradually changing due to these sanctions.

Papoyan also highlighted that Armenia's long-term lack of proper diversification in its foreign economic relations has led to these current problems.