“Will he sign of an impending economic crisis in Armenia? Certainly not. The crisis is a broad concept and [the situation in Russia] is not the only factor, “said a Chshmaritian Armenian service of RFE / RL (Azatutyun.am).

Chshmaritian admitted at the same time that the Armenian government had developed contingency plans to counter any effects from the economic problems of Russia due largely to Western economic sanctions. He explained that he intends to consult with various sectors of the Armenian economy on ways to reduce the impact of the Russian impact.

“These discussions by industry sector we will have a better idea of ​​the situation and, if we see that there may be a deeper deterioration of the situation, they allow us to respond properly,” said he said.

This summer, the government expected that the Armenian economy will grow by 4 ù during the year. This goal seems increasingly unrealistic in the context of declining remittances from hundreds of thousands of Armenians working in Russia. The International Monetary Fund recently forecast that economic growth in Armenia is likely to be only 2.6%.

Chshmaritian and Prime Minister Hovik Abrahamyan had said last month that Armenia would be less affected if the United States and the European Union lifted their sanctions soon.

Russia is the largest trading partner of Armenia and the main source of remittances that are vital to much of the country’s population.

The expected economic growth in Russia was halted in 2014. The Central Bank of Russia said last week that it is unlikely that the Russian economy is growing in 2015 and could even contract if prices Oil prices continue to fall.