SIFMANet: Yerevan Report
This report synthesises the insights collected during the Yerevan roundtable held to evaluate Armenia’s response to geopolitical pressures, to assess enforcement of sanctions frameworks and examine vulnerabilities in illicit financial flows and electoral financing ahead of the 2026 parliamentary elections.
In April 2025, the Sanctions and Illicit Finance Monitoring and Analysis Network (SIFMANet), led by RUSI’s Centre for Finance and Security (CFS) in partnership with the Democracy Development Foundation (DDF), convened a multistakeholder roundtable in Yerevan, Armenia. The session brought together key representatives from Armenian public institutions, financial authorities, civil society and international partners to assess the country’s response to mounting geopolitical pressures, the enforcement of sanctions frameworks, and the vulnerabilities posed by illicit financial flows and electoral financing ahead of the 2026 parliamentary elections.
The roundtable was supplemented by a series of bilateral engagements and one-on-one consultations with representatives from Armenian commercial banks, the Ministry of Justice, investigative journalists, youth groups, diplomats and international think tanks. These discussions provided further detail and contextual depth. This report integrates insights gathered from all formats of engagement.
As with previous SIFMANet roundtables across the EU and its neighbourhood, the Yerevan meeting offered a platform for candid, off-the-record discussions among senior officials from the Central Bank of Armenia (CBA), the State Revenue Committee, the Ministry of Foreign Affairs, civil society organisations (CSOs), private sector representatives, and compliance professionals. The dialogue was informed by Armenia’s evolving geopolitical situation, including its close historical and economic ties with Russia and Iran, ongoing regional instability, and the increased scrutiny brought about by Western sanctions regimes.
This report synthesises the insights collected during the Yerevan roundtable and associated meetings, highlighting Armenia’s institutional innovations in sanctions compliance, the limitations posed by structural and political challenges, and the role of public–private coordination. Additionally, it identifies emerging risks in political financing, including the potential misuse of cryptocurrency and foreign-linked funding channels. These discussions have important implications not only for Armenia but also for neighbouring jurisdictions seeking to strike a balance between maintaining financial openness and safeguarding national integrity against malign financial influence.
WRITTEN BY
Irina Mamulashvili
Russia Sanctions Implementation Project Officer
Centre for Finance and Security
Kinga Redlowska
Head of CFS Europe
Centre for Finance and Security