Armenian exporters of agricultural products, processed foodstuffs and beverages to Russia are incurring growing losses because of the dramatic depreciation of the Russian ruble, an Armenian business association said on Friday.
According to the Union of Employers, dozens of such firms have stopped shipments to Russia in recent months following sharp decreases in their real revenue. The union’s chairman, Gagik Makarian, claimed that some of them, small and medium-sized enterprises (SMEs), are now on the brink of bankruptcy.
The Russian ruble has depreciated by almost half over the past year due to the combined impact of falling oil prices and Western sanctions imposed on Russia. By contrast, the Armenian dram has lost less than one-fifth of its value against the U.S. dollar, making Armenian exports to Russia much more expensive.
Armenian News
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