In 2022–2023, Armenia became a key transit point for the export of Russian gold to Dubai, Hong Kong, and China. This situation provided artificial growth in the country's economy. However, by 2024, this flow sharply declined.
As a result, the state budget lost around $500 million in tax revenue. Finance Minister Vage Ovannisyan linked this to abnormal indicators in 2023.
The refund of VAT to companies engaged in exports further reduced budget revenues.
According to experts, the funds received during this period were directed not toward production but rather toward construction projects in the capital.
This has exacerbated the economic disparity between the regions and Yerevan. Economist Agasi Tavadyan stated that the re-export of Russian gold became a lost opportunity for Armenia.
