US sanctions should not affect Armenian subsidiaries of Russian banks

The U.S. sanctions should not affect Armenian banks that are subsidiaries of the Russian banks, head of Union of Manufacturers and Businessmen of Armenia Arsen Ghazaryan told reporters on Thursday.

He noted that VTB (Armenia) and Areximbank – Gazprombank Group are under jurisdiction of Armenia, since they are subject to the Armenian law, the banks pay taxes and gain profit in Armenia.

The fact that they are owned by the Russian capital, from a legal point of view is not so important.

“It is difficult to say how the western sanctions will affect Armenia on the whole. Even the authoritative international experts cannot give a clear answer to this question,” Ghazaryan said.


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