Oil fund transfers and tax gains keep Azerbaijan’s budget in surplus

Some Russian exporters have begun suspending shipments along the International North–South Transport Corridor (INSTC) due to growing geopolitical risks linked to escalating tensions in the Middle East, potentially disrupting a key trade route connecting Russia with Iran and markets in South Asia, the business daily Vedomosti reported on Wednesday.

President Ilham Aliyev has signed a law amending Azerbaijan’s Penal Enforcement Code of Azerbaijan, introducing new mechanisms aimed at improving the enforcement of court-ordered fines and clarifying legal procedures for their collection.

On March 10, Azerbaijan, on the instructions of President Ilham Aliyev, sent a package of humanitarian aid to Iran. The decision followed a telephone conversation between Aliyev and Iranian President Masoud Pezeshkian on March 8, which officials said was aimed at stabilizing relations after several days of diplomatic tension.

U.S. President Donald Trump and Russian President Vladimir Putin held a phone call on March 9 to discuss the escalating confrontation with Iran, the war in Ukraine and broader geopolitical tensions, officials from both countries said.