On 19 June, the European Commission disbursed €34 million to Armenia to help mitigate the impact of Russia’s trade restrictions on the country’s private sector.
This financial assistance is the first tranche of a broader package announced by European Commission President Ursula von der Leyen, which also includes trade facilitation and solidarity measures to strengthen Armenia’s economic resilience.
Announcing the support, EU Enlargement Commissioner Marta Kos said: “The EU stands firmly with Armenia – a sovereign, democratic and independent country. Today’s support will help address immediate economic challenges while opening new opportunities for Armenian businesses to trade with regional and European markets. This is European solidarity in action.”
Building on commitments made at the EU-Armenia Summit last month, the EU will provide additional support to Armenian sectors affected by the trade restrictions, including agri-food products, flower production and other export-oriented industries, through trade initiatives, business matchmaking events and targeted market access initiatives.
The EU-Armenia Task Force on Economic Resilience continues to meet regularly to steer and monitor the implementation of these measures.
On 5 July, Commissioner Kos will travel to Armenia to advance the implementation of the support package and discuss further steps to strengthen EU-Armenia cooperation.
