The ongoing Ukrainian crisis and the depreciation of the Russian ruble might result in negative consequences for Armenia's economy.

World Bank report “Armenia: Looking for More Dynamism” states it.

According to WB predictions, the negative consequences might range from lower demand for exports to the impact of a weak ruble on dollar-denominated remittances sent home by Armenian migrant workers in Russia.

''The slowdown in the Russian economy will be a key downside risk for Armenia, as it heavily depends on Russia for import demand, remittances, and foreign investment. Protracted recession in the Euro area is another downside risk, as the EU accounts for one-third of Armenia’s merchandise exports. The strengthening of global financial terms is another issue for Armenia since it's a new-comer in the capital market'', the report states.