The Executive Director of the State Oil Fund (SOFAZ) Shahmar Movsumov was re-elected to the Supervisory Council of VTB Bank, where from June 28, 2013 he has served as an independent member.
According to Russia's second largest bank, during the voting, he scored 13.3 trillion of votes (number of shares). The fact that the Chairman of the Supervisory Board with 9.1 trillion vote was the Russian Economic Development Minister Alexei Ulyukayev, and no one got more votes than Movsumov says that the share of SOFAZ in VTB is great.
As of 1 January 2015, the fund's investment portfolio in the Russian economy is estimated at the current rate of $ 568.2 million and 1.5% of its total investment portfolio. Additionally, SOFAZ holds 2.95% stake in VTB.
OJSC VTB Bank is presented in Azerbaijan through its subsidiary JSC VTB Bank (Azerbaijan) presented by 14 branches and customer service at the Office headquarters. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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