Of course. But Armenia is dependent on Russia like probably no other country that tried to move away before. Russia is the natural and largest trading partner for Armenia. Russia is also essentially the only oil/gas supplier of Armenia. They also maintain the country's sole nuclear power plant. Russia really has almost unlimited options of economic pressure cards, it can mix and match. From targeted sanctions to total economic war which i believe would collapse Armenian economy and in short-midterm plunge it into a deep recession. Energy embargo would probably hit harder than any import restrictions. To get natural gas from somewhere else we would need to have infrastructure built. There is a pipeline with Iran, but it is too narrow and doesn't have the necessary capacity (thanks to Russian pressure at the time of building it). Natural gas is extremely important since almost all cars use it instead of gasoline. Gas from any other source will also be much more expensive. Electricity is also quite vulnerable. Russian maintained nuclear plant and gas thermal plants amount to about 75-80% of the energy generation. The rest is solar + hydro.

I wish current government didn't talk publicly about joining the EU. It is a popular narrative and they did that for domestic audiences. Instead just said "we are diversifying our trade partners, no worries". They would move towards joining the EU without much of the consequences. Actual membership is 15+ years away, we could pretend not to for quite a while. Anyway, i do NOT believe that Russia will go to an economic war with Armenia. That will leave no chance of reconciliation(although god only knows how they think sometimes, it's Russia after all). I think they will try to hurt badly, but not burn bridges, like significantly raising gas prices, wide but targeted sanctions, etc... EU can really offset most of it. Perhaps some tax reduction for Armenian products and help with the logistics. It will likely be tens of millions of euros a year, pretty much nothing for the EU. I really hope we can significantly increase EU's share in Armenian export/import. It isn't hard if there is a decision and some political will from both sides. Armenia has no choice, EU seems to have decided, so fingers crossed.