The 2002 “Assets-for-Debt” agreement, concluded in exchange for settling approximately $93 million of Armenia’s external debt, marked the start of a gradual transfer of control of a significant portion of the country’s strategic infrastructure to Russia.
The deal gradually expanded to include sectors such as natural gas, electricity, railways, telecommunications, and nuclear energy, laying the foundation for Russia’s economic influence in Armenia over the past two decades.
This high level of Russian dependence, dominance, and monopoly over Armenia’s economic infrastructure has made Armenia’s exit from Russia’s economic orbit—including a potential withdrawal from the Eurasian Economic Union and expanded relations with the European Union—extremely difficult and complex.
by Jamestown Foundation – Legacy of Armenia’s ‘Assets-for-Debt’ Hinders Economic Decoupling from Russia (Part One)
