The EU has paid €34 million to Armenia to help its private sector deal with the impact of Russia’s trade restrictions.
The funding was described as “immediate support” and was delivered around two weeks after European Commission President Ursula von der Leyen held a call with Armenian Prime Minister Nikol Pashinyan, the European Commission announced on Friday.
The €34 million payment is the first tranche — meaning an initial instalment — of a wider package announced by von der Leyen that also includes trade facilitation and other solidarity measures.
EU — Armenia economic measures
The Commission said the broader work with Armenia includes steps to strengthen business ties and expand market access for Armenian producers.
Additional support is expected for 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.
An EU — Armenia Task Force on Economic Resilience is meeting regularly to steer and monitor implementation of the measures.
Enlargement Commissioner Marta Kos said the support would help address immediate economic challenges and create opportunities for Armenian businesses to trade with regional and European markets.
Kos is due to travel to Armenia on 5 July to discuss implementation of the support package and further steps in EU — Armenia cooperation.
