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Ulviyya Poladova

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Armenia should hold a referendum on joining the European Union before submitting an official membership application to Brussels, Russian Deputy Foreign Minister Alexander Pankin said in an interview with TASS.

Pankin warned that Armenian citizens' views could be overlooked once the application for EU membership has already been submitted.

On October 20, the press service of the Eurasian Economic Commission announced that it had received a report prepared by the governments of Russia, Belarus, Kazakhstan and Kyrgyzstan examining the possible consequences of suspending Armenia's participation in the Treaty on the Eurasian Economic Union, signed on May 29, 2014.

According to the report, suspending Armenia's EAEU membership could have significant economic consequences for the country. The document estimates that such a move could lead to a 15.6% decline in Armenia's GDP, a 14.9-percentage-point increase in inflation and a 14.6% drop in consumption.

Gas prices for Armenia could also rise by 69%, from $177.50 to $300 per 1,000 cubic metres.

The report further warns that Armenia could face stricter conditions for labour migration, the reintroduction of customs controls and duties, full sanitary inspections and taxation of goods.

Image: Alexey Belkin/press.media