The Moscow Arbitration Court dismissed the petition of the Bank of Moscow for the arrest of the property at $213 million, owned by AST Telman Ismailov. The reason for the suit is the desire of the bank to recover from the oligarch, having Azerbaijani origin, the debt of $ 197.3 million, RBC reports.
According to the newspaper "Kommersant", the businessman tried settle without court the issue with the repayment of the loan problem by selling his real estate in the capital of Russia (according to some sources, it was the restaurant "Prague".) But the deal fell through, and in late July, the Bank of Moscow appealed to the court.
According to the publication, other creditors also have claims to Ismailov. For more than a year ago, a group "Mangazeya" by Sergei Yanchukova through a court in Cyprus frozen the assets of the Ismailov and sued for $100 million. However, "Mangazeya" failed to obtain effective control over the assets of billionaire.
In late June, Ismayilov was close to losing Mardan Palace in Turkey.
Due to the multi-million dollar debt Turkish bailiffs were going to put the hotel up for sale, but at the last moment Ismailov was able to negotiate with the Turkish bank Xalk bankasi debt restructuring. Businessman has pledged to pay $100 million over the next four years. -02D-
Economics
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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.
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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.
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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.
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"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.
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