The European Union is preparing an ​economic support package worth an ‌initial amount of €50 million ($58.1 million) for Armenia after Russia ​hit Armenia with some ​trade restrictions.

Axar.az reports, citing Reuters, that European Commission President Ursula von der Leyen made the announcement on Thursday.

"Today I spoke ​with Prime Minister Nikol Pashinyan about Russia's recent restrictions targeting Armenia. ​This is nothing ​short of economic coercion, and it ‌is ⁠unacceptable," von der Leyen said.

"By extending export restrictions on Armenian products, Moscow is ​weaponising ​economic relations ⁠for political pressure. We know this ​playbook all too well. ​This ⁠is why Europe stands firmly with Armenia. We ⁠are ​preparing an EU ​support package," she added.