Ghazaryan: US sanctions should not worry Armenian businessmen

The U.S. sanctions against Russia should not worry Armenian businessmen, Chairman of the Union of Manufacturers and Businessmen of Armenia Arsen Ghazaryan told reporters after the government session today.

In his words, both VTB Bank Armenia and Areximbank Gazprombank Group are under the jurisdiction of Armenia, although their head offices are located in Russia. “They operate under Armenian law, receive profits and pay taxes here,” Ghazaryan said.

When asked how the West’s sanctions will affect Russia, the union chairman replied that even recognized international experts cannot answer this question today. According to him, it is important for the U.S. and Europe to coordinate their actions in this matter.

The U.S. has expanded its list of its sanctions over Ukraine by including four more Russian entities in that list, namely the United Shipbuilding Corporation, the Bank of Moscow, VTB Bank OAO and the Russian Agricultural Bank.