MOSCOW

This year's trade turnover between Russia and Armenia is projected to reach a record high of over $14 billion, Russian President Vladimir Putin announced on Tuesday.

During a meeting with Armenian Prime Minister Nikol Pashinyan on the sidelines of the Commonwealth of Independent States leaders' summit in Moscow, Putin noted that Russian-Armenian trade turnover was $7.4 billion last year, and it surged 2.5 times in the first half of this year, exceeding $8.3 billion, according to a statement issued by Kremlin.

"If we maintain this pace, the trade turnover for this year could amount to $14-16 billion, which would be a record figure," he said.

Putin also highlighted Russia's position as the leading foreign investor in the Armenian economy, with accumulated investments of around $4 billion, saying that the activities within the intergovernmental commission and the business council are yielding positive results.

Humanitarian cooperation was another key aspect of bilateral relations discussed, with Putin noting Pashinyan's request to enhance collaboration in the educational sector.

Pashinyan remarked on the increased political dialogue in recent months, pointing out that at least two high-ranking Russian officials, Prime Minister Mikhail Mishustin and Deputy Prime Minister Alexey Overchuk, have paid a visit to Armenia during that time.

"Today is a valuable opportunity to summarize the discussions that took place during Mishustin and Overchuk's visits. I am pleased to have this opportunity," he said.

Commonwealth of Independent States (CIS) was established in 1991 to facilitate collaboration among former Soviet republics as independent states.