Russia, Armenia Disagree over Railroad Investment

The Russian-controlled South Caucasus Railway has denied charges made by Armenian officials that the company failed to meet its 2008 investment targets.

A wholly owned subsidiary of Russian Railway, the South Caucasus Railway announced earlier in March that it had invested $100 million in overhauling the Armenian railway network. Armenian Transportation and Communications Minister Gurgen Sagsyan, however, said on March 17 that only 30 percent of the announced investment had actually been spent.

In a March 19 open letter to Sagsyan, South Caucasus Railway executives described the minister's words as "unconstructive and not results-oriented," the Newsarmenia news site reported.