West could impose sweeping sanctions on Armenia – Gagik Makaryan

ARMINFO
Armenia –
David Stepanyan

ArmInfo.The West could impose sweeping  sanctions on Armenia, Gagik Makaryan, Chairman of the Republican  Union of Employers of Armenia, said in an interview with ArmInfo.  

"We are forecasting further deterioration of the economic situation  along with the growing geopolitical conflict between Russia and the  West. In Armenia's case, the conflict could well result in  restrictions and sanctions on the country. We can see the United  States, Great Britain and the EU, along with growing pressure on  Russia, are imposing growing demands on other nations to get Russia  totally isolated. And Armenia is not an exception," Mr Makaryan said. 

In this context, the expert believes that certain demands that could  be imposed on Armenia would be in conflict with the country's  membership in the Eurasian Economic Union. Along with the U.S.  financial aid to Armenia and EU influence in the context of a number  of socio-economic programmes in the country, Yerevan has to make a  hard choice. Similarly, Armenia is under the influence of the United  Nations and other international agencies, which are implementing a  number of development programmes in Armenia.  And the U.N. is  obviously against Russia now. 

In this context, Mr Makaryan is forecasting further deterioration of  the situation. Therefore, Armenia's leadership should find  alternative solutions as soon as possible – less economic than  diplomatic ones.  Armenia is, to an extent, facing the consequences  of anti-Russian sanctions now given the serious restrictions on  transfers of large amounts of money in USD terms to and from Armenia.  In turn, Armenia's Central Bank and commercial banks are extremely  cautious, stay out of mischief in dealing with their partners and  with foreign diplomatic missions. 

"Given a substantial share of foreign capital in Armenian banks, we  can see that even the largest banks are far from being independent in  implementing their monetary policies. They constantly have to look  back at the situation stemming from the Ukraine crisis and met the  West's wishes, which causes problems in our banking system," Mr  Makaryan said.