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Armenia financially and economically depends on Russia

Monday, September 30
International rating agency Moody’s granted the Eurobonds issued by Armenia for 700 million USD for 7 year-term “Ba2” status. This action is designed at increasing the budgetary deficit of the country. This money will be spent for paying back “stabilization credit” from Russia totaling $500 million USD. Moody’s state that by entering the Customs Union, Armenia’s dependence on the Russian economy will further increase.