Negative signs are also expected in the banking industry.
The US Department of the Treasury has published the updated list of Russian companies, against which penalties are administered. The list also includes the “Areximbank-Gazprombank” in Armenia, which presented in the section of sectoral sanctions – in the paragraph of “Gazprombank”. “Gazprom” is also on the list of sanctions, which as we know is the 100% owner of Armenia’s gas system. In fact, the sanctions also extend to the Russian banking system and the organizations of the energy system that are at least the major players in Armenia if not the monopoly.
“Aravot” asked economist Ashot Yeghiazaryan whether the circle is not narrowed and whether these sanctions will not have a direct impact on Armenia’s economy. Mr. Yeghiazaryan stressed that the said sanctions have a tendency of continuous toughening and expansion and can include new companies and national entities and the spheres may also be significantly expanded and changed. Back to the sanctions in the banking industry, Mr. Yeghiazaryan said, “I can say that there are already two banks with Russian capital in the list of sanctions. This means that these banks will have problems in attracting financial resources in the relations with foreign banks, although so far they attract finance from Russia.”
Mr. Yeghiazaryan has fears that by these paces of expansion and toughening of the sanctions, over the time, the negative impact can have more material manifestations in Armenia. Currently, if these manifestations are so tangible, then in the case of development with such paces, they can become tangible. To our question of whether it is possible for the gas price to rise in Armenia because of the sanctions against “Gazprom”, Mr. Yeghiazaryan did not exclude it, “I do not rule out that the gas price can go up. The sanctions mean that “Gazprom” has been squeezed out from the appropriate technological progress and over the time, it may negatively affect, also in terms of the price because new technologies assume both quality and also dropping of price to some extent, while we can be squeezed out from this process.”
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To the question of how the negative influence of sanctions will be mirrored in the banking system of Armenia, the economist replied, “No one knows what manifestations will the Russian banking system have in general and how far they will go. Earlier, there were talks about squeezing from the SWIFT system. But it is clear that there can be no talk about easing these sanction or lifting from Russia.” Mr. Yeghiazaryan does not rule out that if the United States imposes sanctions on those Russian companies, then other countries will join this too, “Here, the Iranian scenario of sanctions is functioning.”
To our question of whether the sanctions against Russia are not another blow to the Eurasian Economic Union, Mr. Yeghiazaryan responded, “Not only the Ukrainian events were the reason for the sanctions but they began with EaEU when Yanukovych refused to sign the Association Agreement. Certainly, the sanctions will aggravate already unfavorable situation inside the EaEU.” By Mr. Yeghiazaryan’s observation, the flaw of Armenia was that we did not sign the EU Association Agreement. To our reminder that the former director of “ArmRosGazprom” Company, Karen Karapetyan, who is the likely candidate for prime minister of Armenia, was holding a high position in the “Gazprom” company in Russia, has quitted his position, so whether it is associated with the sanctions against “Gazprom”, Mr. Yeghiazaryan abstained from making such comments at the moment.
Tatev HARUTYUNYAN
