Armenia’s efforts to join the European Union could carry economic risks for the country and the wider Eurasian Economic Union (EAEU), according to a report by members of the Eurasian Intergovernmental Council.

The report examines the possible consequences of suspending Armenia’s membership in the bloc, warning that Yerevan’s EU accession plans could disrupt several EAEU functions, RT reports.

If Armenia leaves the EAEU, annual remittances from Russia to the country could fall by half to $1.85 billion, the document states.

Armenian citizens working in other EAEU member states could also face stricter employment rules, including requirements to obtain work permits and patents, as well as restrictions under labor quotas.

The report further warns that Armenia could lose access to free-trade arrangements with the EAEU’s partners, including Iran, Vietnam, Serbia, Mongolia and the United Arab Emirates.

It also notes that EAEU member states could consider temporarily suspending the application of the relevant agreement to Armenia.