Yesterday Azerbaijan and Russia signed a bilateral agreement on the Green Card motor insurance system, as the Executive Director of the Russian Green Card Office Sergey Razuvan stated during his speech at the VII Azerbaijan International Insurance Forum. According to him, the agreement will come into force on August 1 this year.
Yesterday the Director of the Compulsory Insurance Bureau Elkhan Guliyev spoke at the same event about the difficult and problematic negotiations over the understanding; the Russian side was a supporter of policies (insurance contracts) under the CTP, valid in the occupied territories of Azerbaijan. Now the question is resolved within the territorial integrity of our country. After the withdrawal of the occupation troops, Russian insurers will again be able to issue full-scale civil liability policies to motorists - the citizens of this country.
The international motor insurance Green Card system has been operating since 1951 and its main goal is the settlement of claims of the victims of road accidents with the participation of foreign motorists, in accordance with the national legislation of the country in which the insured event occurred.
The Green Card system includes 48 countries: the whole of Europe, including Russia, as well as Israel, Morocco, Tunisia and Iran.
In Azerbaijan, the national office of the international system Green Card is the Compulsory Insurance Bureau (CIB), which includes 16 local insurance companies - 13 of them have the right to sell CTP insurance policies and are connected to the Green Card system. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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