Share of Azerbaijan-Russia Settlements in National Currencies Growing – Aliyev

Share of Azerbaijan-Russia Settlements in National Currencies Growing – Aliyev

The share of national currencies in settlements between Azerbaijan and Russia has been growing, Azerbaijani President Ilham Aliyev said.

“Of course, there was an increase in trade last year and this year. It demonstrates that our economies actively cooperate. It is pleasing that transactions in national currencies have also been on the rise. They already account for more than 70% in Azerbaijani exports to Russia and for around 50% in Russian exports to Azerbaijan. What we discussed a few years ago is being implemented successfully,” Aliyev said at a meeting with Russian President Vladimir Putin on the sidelines of a Shanghai Cooperation Organization summit on Wednesday.

Aliyev said he plans to discuss the development of the North-South transport route with Putin.

“As for the North-South project, we discussed this issue in Moscow [in April 2024]. Positive developments have taken place since then. We will discuss it. We are determined to expand the corridor’s infrastructure in Azerbaijani territory,” he said.

There are also “new ideas for the energy sector,” Aliyev said. “Our relevant agencies are in touch all the time. And we will discuss this today as well,” he said.

The allied relations declaration signed by Azerbaijan and Russia in 2022 has been implemented successfully, he said.

“All of its points are reflected in real life. We have been working as allies for more than two years, demonstrating a good result. We will also discuss this in detail today,” Aliyev said.