In addition to the risk of the Ukraine War spreading to Georgian territory, the planned Russian naval base in Abkhazia could threaten Georgia's status as a global east-west connectivity hub.
Amidst strained relations between Armenia and Russia, Russia's state atomic energy company will modernize Armenia's nuclear power plant and presumably build a new unit.
Whether the Armenian diamond-cutting industry is hurt or helped by the likely sanctions will depend on the EU's ability to trace the gems' origin to Russia.
Analysts say that, while an Erdogan defeat would be a preferable outcome for Armenia, a change of power in Turkey would not necessarily be a game changer.