MOSCOW (TASS) — The trade turnover between Russia and Armenia, which contracted because of the coronavirus pandemic, can be restored and increased shortly, Russian President Vladimir Putin said on Wednesday at the meeting with Armenia’s Prime Minister Nikol Pashinyan. He has arrived in Moscow on an official visit.

According to Russian Customs Service, the trade turnover between Russia and Armenia dropped by 9.6% year-on-year to more than $2.3 bln in 2020.

However, Putin believes the trade volume between the two countries is sound but a certain drop of this indicator was noted in 2020 due to certain reasons, the coronavirus pandemic in the first instance. He said:

I am confident we are able to not merely restore this volume in the near future but also to progress further.

Relations between Moscow and Yerevan are strategic by their nature, the Russian President said. 40% of all capital investments into the Armenian economy “are of the Russian origin”, he noted. The bilateral intergovernmental commission is also working proactively, Putin said.

According to Pashinyan, one of the crucial issues brought up after the Nagorno-Karabakh conflict was the reform of the Armenian Armed Forces, which is being conducted with the support of Russian partners. “It was one of the key issues during our discussion”, he added.