Andrey Kostin (Photo: Andrey Rudakov / Bloomberg)
Russia is abandoning dollar and euro
Baku/27.10.22/Turan: Refusal from dollar and euro is irreversible process for Russia.
This was stated by "VTB" President and Chairman of the Management Board Andrey Kostin at the XV Verona Eurasian Economic Forum, held today in Baku.
According to him, in the medium term, Russia's main partners will be China, EAEC members, countries of the Near and Middle East, Latin America and the African continent.
"Transition to national currencies in trade with this group of countries is the most important priority for us," he said.-0-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review