In Armenia, debates are currently taking place about the best manner to characterise the promising future. Some Armenians want to see a new Singapore, while others want to see an Armenian Silicon Valley. 

As of early May, the Armenian Central Bank reported that about 16,000 non-residents, predominantly Russian individuals, opened accounts in Armenian banks. Hundreds of Russian businesses moved to Armenia because of the events in Ukraine. The Economy Ministry even organised a special working group for the migration of international firms to Armenia to develop new companies in anticipation of an infusion of foreign minds and money. The Armenian Economy Minister Vahan Kerobyan stated that the majority of IT businesses migrating to Armenia have direct links to Western markets and are unable to function in Russia due to sanctions.

These businesses will receive a 50% reimbursement of the income tax collected on new workers. According to the Ukrainian Defence Ministry's Main Intelligence Directorate, 113 Russian IT companies have already relocated to Armenia, along with roughly 1,000 private businesses and 250 limited liability organisations founded by Russian individuals. According to the Russian Federal Security Service, around 140,000 Russians have entered in Armenia since the end of February.

Special Telegram channels have been set up to offer Russians with the information they need on how and what to do. "Armenian Economy" and "Move to Armenia/Mutual Aid" are the most popular among Russians.

Russian President Vladimir Putin has said he does not see a problem with IT specialists moving to Armenia. Speaking at the first Eurasian Economic Forum, Putin recounted how he discussed the development of high technologies with colleagues from Kazakhstan and Armenia, but not because "some section of [Russia's] IT community have moved to Armenia."

"Well, they moved, and thank God, let them work," Putin said. At the same time, he believes that such a situation is "to a certain extent a challenge" for Russia. "We must create better conditions," Putin explained.