Armenia approves $14.6 million in agricultural export subsidies

The Armenian government has approved a second round of agricultural export subsidies totaling approximately 5.65 billion drams (roughly $14.6 million USD / €13.4 million). This funding is intended to support exporters finding new markets for products previously banned by Russia earlier this year. Moscow had blocked Armenian fruit and vegetable imports, citing sanitary reasons, affecting an estimated $700 million in annual trade.

Deputy Economy Minister Arman Khojoyan noted that progress is being made in diversifying export markets. Last month, affected products were sent to approximately twenty different countries, despite a year-on-year decline in Armenia's total exports of over 20% in June.

To help mitigate the impact of the Russian embargo, the Armenian government has also received 52 million euros from the European Union. While European Commission President Ursula von der Leyen stated the EU would open its market to Armenian agricultural products, local producers have expressed skepticism due to high transport costs, strict food safety standards, and limited commercial contacts.