Armenian President Serzh Sargsyan has reportedly ordered formation of a group comprising competent economists and entrepreneurs to send them to Moscow for assessment of possible economic risks in case of joining the Russia-led Customs Union.

Citing its sources, Zhoghovurd newspaper says that the group headed by chairman of the Union of Manufacturers and Businessmen (Employers) of Armenia (UMB(E)A), is departing for the Russian capital today, Sept 25, to discuss possibilities of triggering mechanisms of the unified customs zone in absence of common borders.

“Given the haste in which the group was formed, we can presume that the Russian side wants to accomplish the process of annexing Armenia to the Union as soon as possible,” aysor.am writes.

Meanwhile, UK ambassador Jonathan Aves told Haykakan Zhamanak newspaper that he can’t imagine the future agenda of cooperation without Armenia-EU cooperation.

“I can honestly confess that now no one conceives the further steps. We know that intense talks are being held in Brussels and other European cities. The Armenian government also debates the future of our relations,” he said.

Armenia completed technical talks on a ‘deep and comprehensive free-trade agreement' (DCFTA) with the EU in July and it was set to be signed at a summit with the EU in late November. In addition to a free-trade deal, Armenia has been working towards the signing of an association agreement with the EU, a framework agreement on co-operation that is seen as a first step towards political integration with the EU.

However, during a Sept 3 meeting with Russian President Vladimir Putin, Armenian leader Sargsyan said Armenia is ready to join Customs Union, with further plans to be involved in formation of the Eurasian Economic Union.

Mr. Putin supported the initiative, voicing readiness to assist Armenia in the process. He also noted that Russian Railways may invest 15 billion rubles in development of Armenia's railway network.

The Customs Union was formed in 2010 to include of Belarus, Kazakhstan, and Russia; Kyrgyzstan and Tajikistan later expressed willingness to join the Union.