Russia, which remains Armenia's largest trading partner, saw its position in the republic's foreign trade decline significantly during the first five months of 2026. According to data from the Statistical Committee of Armenia, trade turnover between the two countries fell by 20.5% compared to the same period last year.

From January to May, the volume of bilateral trade totaled approximately $2.2 billion, down from nearly $2.8 billion a year earlier. Thus, the figure decreased by roughly $570 million over the year. Against this backdrop, Russia's share of Armenia's foreign trade dropped from 35.1% to 28%.

At the same time, the country's total foreign trade volume remained virtually unchanged. In the first five months of the year, it stood at $7.865 billion—just 0.1% lower than in the same period of 2025.

As Armenian media note, this decline occurred amidst ongoing restrictions imposed by Russia on certain Armenian imports and, presumably, due to a sharp drop in the re-export of Russian precious metals and stones.

Simultaneously, the share of Eurasian Economic Union countries in Armenia's foreign trade also decreased—from 36.7% to 29.8%.
Following the outbreak of Russia's full-scale war against Ukraine in 2022, trade turnover between Moscow and Yerevan had grown significantly; however, in 2026, this trend shifted toward a decline.

Earlier, the Russian state news agency TASS reported that trade turnover between the two countries had fallen by 21.5%. However, data from the Statistical Committee of Armenia indicate a decline of approximately 20.5%.