Some 4,000 Armenians took to the streets of the ex-Soviet republic's capital on Monday to protest against the government's decision to hike electricity prices, an AFP journalist reported.

Chanting "No to robbery!" and "Don't slip your hands into our pockets," protesters marched from Yerevan's central Freedom Square towards the presidential palace where they were met by police cordons.

Protesters accused President Serzh Sarkisian's government of hiking power tariffs and failing to stem poverty in the landlocked Caucasus nation.

A country of 3.2 million, Armenia has been badly affected by the economic crisis in Russia. Exports to Russia have fallen, as have remittances from Armenians working there.

On Monday, EU foreign ministers agreed to prolong damaging economic sanctions against Russia until January 2016 over Moscow's role in the Ukrainian crisis.

In January, Armenia joined the Russia-led Eurasian Customs Union, further increasing Yerevan's dependence on its former imperial master.

The ex-Soviet country is economically isolated as its borders with Turkey and Azerbaijan are blocked due to ongoing international disputes.