Change permalink for default archive – yearly

It should work but note that the date structure contains the structure for year, month and day archives as well, so you’ll need something like:

add_action( 'init', function() {
    global $wp_rewrite;
    $wp_rewrite->date_structure="archives/%year%/%monthnum%/%day%";
});

Don’t forget to visit your permalinks settings page in wp-admin so that rewrite rules are flushed.