The Armenian electricity distribution company, which is a subsidiary of Russia’s state-owned energy holding Inter RAO, must be subjected to an international audit from an early date of their operations, that will also engage the expert community and civil society representatives.

As Panorama.am reports citing the press service of the Armenian President, President Serzh Sargsyan made the suggestion at the June 26 meeting with the Russian co-chair of the Russian-Armenian inter-governmental commission, Minister of Transport of Russian Federation Maxim Sokolov. Minister Sokolov agreed to the suggestion, noting that an audit will be carried out under the umbrella of inter-governmental commission.

“We all want the investments [of Russian companies in Armenia] to be protected, and on the flip side –that issue should be viewed from the perspective of social responsibility of those companies,” Sargsyan said, suggesting to the inter-governmental commission to pay special attention to the operations of Russian companies in Armenia.

Speaking about the continuing street protests in Yerevan against a suggested hike in electricity tariffs, President Sargsyan remarked that despite some media attempts to find anti-Russian sentiments in the sit-in, he is glad that the protesters themselves refute those allegations.

Sargsyan also said that the unpopular step of price hike was made considering the inflation levels of the national currency and the rise of costs of the energy produced in the country.

In response, Minister Sokolov noted that he had earlier meetings with the Armenian Deputy Prime Minister, Minister of Energy and the Chairman of the Public Services Regulatory Commission in order to discuss in every detail all previous operations of the electricity distribution company. Sokolov said he was glad that there was a substantial program to pull out the company from the crisis it put itself into, through certain measures and within a timeframe specified.