For most Armenians, ushering in the New Year was a painful exercise in frugality and fortitude. As they faced the twin pressures of a serious decline in the Armenian currency’s value and a sweeping price rise on essential foodstuffs, the final month of 2014 promised only more economic pain. For the small and isolated Armenian economy, much of this pressure was driven by the spillover from the economic downturn in Russia, where the impact of the plummeting rouble and Western-imposed sanctions was exacerbated by a sharp fall in the price of oil. Yet for the longer-term future of the country, a much more serious development for Armenia was taking place. New Year’s Day also marked the start of Armenia’s membership in the Eurasian Economic Union (EEU).