How lucrative is the EU prize? Armenia’s bet after Iceland’s refusal

The article analyzes Armenia's decision to pursue European Union membership and potentially leave the Russian-led Collective Security Treaty Organisation, contrasting it with Iceland's recent refusal to even resume EU accession talks. It examines the perceived benefits and costs of EU membership, drawing parallels with Brexit and highlighting the geopolitical and economic implications for Armenia, particularly its ties with Russia, the Eurasian Economic Union, and its adversaries Turkey and Azerbaijan. The author argues that for Armenia, EU membership is a strategic gamble for 'insurance' rather than a 'windfall', with immediate costs and uncertain long-term benefits, especially regarding security guarantees.