In connection with the inclusion the VTB Bank onto the list of organizations that fall under the US sectoral sanctions, cardholders have any concerns about possible restrictions on card transactions. "A request was sent to the VISA company regarding this issue, which confirmed that there were no restrictions on the use of their cards in any country, including Russia, and never will be," said the bank VTB Azerbaijan.
«Visa confirms that sectoral sanctions announced by the US Treasury Department on December 22, 2015, do not affect the operations on transactions using cards Visa,» said the response to the company Visa.
VTB Azerbaijan recalled that there are no restrictions for the rest of the card payment systems.
* VTB-Azerbaijan is part of VTB Group, a Russian international financial group. It operates in 20 countries. The main shareholder of VTB with 60.9% interest is the government.
The official opening of VTB Bank (Azerbaijan) took place on November 23, 2009. Currently, 51.00% are owned by the Russian side (VTB Bank PJSC), 48.99% and 0.01% - Azerbaijan (respectively "AtaHolding" and an individual.) -06D—
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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