During a meeting with Armenian PM Nikol Pashinyan on the sidelines of the CIS Summit in Moscow, Russian President Vladimir Putin announced that trade between Armenia and Russia could reach record levels, RIA Novosti reports.

Putin highlighted the strong growth in trade and economic relations between the two countries, noting that trade hit $7.4 billion last year and increased 2.5 times in the first half of this year, surpassing $8.3 billion. He projected that trade could reach $14-$16 billion by the end of this year if the current pace continues.

Putin also emphasized Russia’s role as the leading investor in Armenia’s economy, with investments made through the intergovernmental commission and business council. Additionally, he underscored the importance of strengthening humanitarian cooperation, particularly in education, to address existing gaps in collaboration.