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The sanctions against Russia, combined with the Russian-Ukrainian conflict, are heightening the risk of an economic slowdown in Russia and creating additional challenges for Armenia's economy, the Foreign Intelligence Service said in its Annual Report on External Security Risks of the Republic of Armenia for 2025.

"The Republic of Armenia faces substantial challenges due to the existing sanctions against some of its trade partners, namely the Russian Federation and the Islamic Republic of Iran. The utilization of our economic potential is limited by risks of secondary sanctions, the expansion of which can entail new limitations for Armenia’s economy," the service said.

"In 2025, it is unlikely that the sanctions against either Russia or Iran will be lifted or eased in a way, that will significantly impact the economy of Armenia. Therefore, the risks connected to secondary sanctions will remain acute. On the other hand, in combination with other factors, the continuous imposition of sanctions against Russia and the Russian-Ukrainian conflict are increasing the likelihood of economic slowdown in Russia and creating additional risks for the economy of Armenia," the report stated.