The European Commission has approved €34 million in financial assistance for Armenia aimed at mitigating the impact of trade restrictions imposed by Russia on the country’s private sector.

The funding represents the first tranche of a broader support package previously announced by European Commission President Ursula von der Leyen, designed to strengthen Armenia’s economic resilience and ease pressure on export-oriented industries, The Caspian Post reports via the Delegation of the European Union to Armenia.

The assistance comes just two weeks after a phone call between von der Leyen and Armenian Prime Minister Nikol Pashinyan, reflecting what Brussels described as a rapid response to Armenia’s economic challenges.

The support package will also include trade facilitation measures and initiatives to improve market access for Armenian producers, particularly in sectors such as agrifood products, floriculture, and other export-driven industries affected by the restrictions. These efforts will be implemented through business matchmaking programs and targeted market access initiatives.

EU Enlargement Commissioner Marta Kos said the bloc “stands firmly with Armenia as a sovereign, democratic and independent country,” adding that the support will help address urgent economic pressures while opening new opportunities for Armenian businesses in regional and European markets.

Kos is expected to visit Armenia on July 5 to advance implementation of the support package and discuss further steps to deepen EU-Armenia cooperation.