Economy
Trump Imposes 100% Tariffs on Large Drone Imports
U.S. President Donald Trump signed a proclamation imposing tariffs on imported drones and their components, citing national security concerns.
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Azerbaijan Registers Four Foreign Digital Companies for Tax Purposes
Azerbaijan's State Tax Service has registered Xsolla, Valve, Formula One Digital Media, and Cleverbridge for VAT payment as part of digital services tax reform.
Azerbaijan Doubles AI-92 Gasoline Exports in First Half
In January-June 2026, Azerbaijan exported 5,365 tons of AI-92 gasoline worth $4.36 million, 2.3 times more in value and 72% more in volume compared to the same period in 2025.
New Generation Fertilizer Production to Launch in Hajigabul Industrial Park
Az Agromila LLC has been granted resident status in the Hajigabul Industrial Park to produce next-generation fertilizers and biopesticides with investments of AZN 4.7 million.
India Prepares Construction of Two New Strategic Oil Reserve Facilities
Indian ISPRL has prepared feasibility studies for two new oil storage facilities, aiming to increase strategic oil reserves to the global standard of 90 days.
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Section: Economy
Economy
India Prepares Construction of Two New Strategic Oil Reserve Facilities
Indian ISPRL has prepared feasibility studies for two new oil storage facilities, aiming to increase strategic oil reserves to the global standard of 90 days.
Economy
Uzbekistan and Qatar's Al Alfia Holding Discuss Chemical and Oil & Gas Projects
Uzbekistan plans to attract Qatari company Al Alfia Holding to joint projects in the chemical and oil & gas sectors, including localization of lubricants and equipment production.
Economy
EU fuel prices up 13.7% year-on-year in June
The cost of motor fuel and oils in the European Union rose by 13.7% in June compared with the same month last year, according to Eurostat.
Economy
Trump Imposes 100% Tariffs on Large Drone Imports
U.S. President Donald Trump signed a proclamation imposing tariffs on imported drones and their components, citing national security concerns.
Economy
Lut: Return of Armenian Product Imports Depends on Compliance with Rules
Russian Agriculture Minister Oksana Lut stated that compliance with rules and a clear algorithm for safe shipment of goods will help restore imports of Armenian products to previous levels.
Economy
Azerbaijan increases electricity exports to Russia by 5.8%
In the first half of 2026, Azerbaijan exported 64.669 million kWh of electricity to Russia, up 5.8% year-on-year. Export revenue rose 7.5% to $2.92 million.
Economy
EFSD to Provide Tajikistan with $200 Million Budget Support Loan
The Eurasian Fund for Stabilization and Development will provide Tajikistan with a $200 million loan to support the state budget. The funds will be disbursed in three tranches.
Economy
Russia's International Reserves Rise to $740 Billion
Russia's international reserves increased by $19.7 billion over the week, reaching $740 billion as of August 7.
Economy
Volume of CBA Notes in Circulation Exceeds 1 Billion Manats
The value of Central Bank of Azerbaijan notes in circulation exceeded 1 billion manats for the first time since July 24, 2024, reaching 1.07 billion manats as of August 13.
Economy
Azerbaijan Registers Four Foreign Digital Companies for Tax Purposes
Azerbaijan's State Tax Service has registered Xsolla, Valve, Formula One Digital Media, and Cleverbridge for VAT payment as part of digital services tax reform.
Economy
VTB Capital Reduction: Sign of Losses or Shareholder Flight?
VTB (Azerbaijan) announced a reduction in its authorized capital from 315.8 million to 94.7 million manats, raising questions about the bank's financial stability.
Economy
Southern Gas Corridor's 2025 Net Profit Down 4.7%
The Southern Gas Corridor CJSC closed 2025 with a net profit of $1.63 billion, down 4.7% year-on-year. Revenue fell by 8.1%.
Economy
Azerbaijan Doubles AI-92 Gasoline Exports in First Half
In January-June 2026, Azerbaijan exported 5,365 tons of AI-92 gasoline worth $4.36 million, 2.3 times more in value and 72% more in volume compared to the same period in 2025.
Economy
New Generation Fertilizer Production to Launch in Hajigabul Industrial Park
Az Agromila LLC has been granted resident status in the Hajigabul Industrial Park to produce next-generation fertilizers and biopesticides with investments of AZN 4.7 million.
Economy
Azerbaijan presents digital transformation experience at WEF meeting
Fariz Jafarov, Executive Director of the 4SİM Center, presented Azerbaijan's digital economy development strategy for 2026-2029 at an online meeting of the WEF Fourth Industrial Revolution Centers Network.
Economy
Azerbaijani Fuel Spending Up 4.9% in Seven Months
In January-July 2026, Azerbaijan's population spent 2.3 billion manats on gasoline and diesel, up 4.9% year-on-year.
Economy
Azerbaijan to Pay August Pensions on the 14th
The State Social Protection Fund of Azerbaijan will pay pensions on August 14 to residents of Baku, Sumgait, and the Absheron district.
Economy
Azerbaijan increases gold exports 25.5 times in H1 2026
In January-June 2026, Azerbaijan exported 24.2 tons of gold worth $3.67 billion, a 25.5-fold increase in value year-on-year.
Economy
Azerbaijan's Beverage and Tobacco Sales Up 1.3% in Seven Months
In January-July 2026, retail sales of beverages and tobacco products in Azerbaijan amounted to 1.672 billion manats, up 1.3% year-on-year.
Economy
Azerbaijan Increases Social Payments by 10.3% in Seven Months
In January-July 2026, Azerbaijan allocated over 6.12 billion manats for pensions, benefits, and social assistance, up 10.3% year-on-year.
Economy
Kazakhstan's Reserves Approach $130 Billion
Kazakhstan's international reserves and National Fund assets grew in July, reaching nearly $130 billion, recovering after a spring decline.
Economy
Manat Exchange Rate to World Currencies for August 13
The Central Bank of Azerbaijan has published official exchange rates for August 13. The dollar remained at 1.7000 manat.
Economy
Annual Inflation in Russia Slows to 5.98% in July
Rosstat reported that inflation in July 2026 was 0.54%, and annual inflation slowed to 5.98%, below analyst expectations.
Economy
Uzbekistan and South Korea Aim to Double Trade to $4 Billion
Uzbekistan and South Korea plan to create a joint working group to increase bilateral trade to $4 billion per year, said Uzbek Deputy Prime Minister Jamshid Khodjayev.
Economy
CBA Discusses Digitalization of Capital Market
The Central Bank of Azerbaijan held a meeting to discuss capital market development and enhancing digitalization.
Economy
Azerbaijan and China Discuss Development of Business Ties
Azerbaijan's Economy Minister Mikayil Jabbarov met with a representative of Chinese company Xinjiang Joinworld to discuss prospects for joint projects.
Economy
VTB (Azerbaijan) to Cut Authorized Capital by 3.3 Times
VTB (Azerbaijan) decided at a shareholders' meeting on July 3 to reduce its authorized capital from 315.8 million to 94.7 million manats to align its capital structure with legal requirements.
Economy
Azerbaijan Housing Prices Up 8.6% in Q2 2026
In Q2 2026, Azerbaijan's housing price index rose 8.6% year-on-year, according to the Central Bank.
EconomyPartner
Yelo Bank Offers Cash Loans up to 50,000 Manats
Yelo Bank has announced cash loans up to 50,000 manats at an annual rate from 8.9%, with special offers valid until the end of August.
Economy
Number of Taxpayers in Azerbaijan Up 4.8%
According to the State Tax Service, as of August 1, 2026, Azerbaijan had 1,715,746 registered taxpayers, up 4.8% year-on-year.
Economy
Armenia plans to recover $2 billion in illegally obtained assets by 2031
Prime Minister Nikol Pashinyan announced the government's intention to return about $2 billion in illegally acquired assets to the state budget between 2026 and 2031.
Economy
Black Sea Energy Project Moves to Development Phase
GECO Power and CESI discussed key steps to transition the Black Sea green energy corridor project from feasibility study to development stage.
Economy
SOCAR cuts CO2 emissions by 1 million tons, issues $200 million green bonds
In 2025, SOCAR reduced greenhouse gas emissions by 1 million tons of CO2 equivalent and issued $200 million in green bonds for renewable energy projects.
Economy
Azerbaijan Mortgage Fund Issues Loans to 59,216 Borrowers Worth 4.3 Billion Manats
The Mortgage and Credit Guarantee Fund of Azerbaijan has issued loans totaling 4 billion 338 thousand manats to 59,216 borrowers and sold 9,657 apartments through rental.
Economy
Aliyev allocates 258 million manats for Nakhchivan development
President of Azerbaijan signed a decree allocating 258 million manats for the socio-economic development of the Nakhchivan Autonomous Republic, including energy, roads, education, and housing.
Economy
Russia begins importing gasoline from India amid fuel shortage
Russia has for the first time started importing automotive fuel from India amid a shortage caused by Ukrainian strikes on refineries. The first batch of 42,000 tonnes arrived in early August.
Economy
Azeri Light Oil Price Rises to $95.57 per Barrel
The price of Azerbaijan's Azeri Light crude increased by 0.43% to $95.57 per barrel on the global market.
Economy
Manat Exchange Rates to World Currencies for August 12
The Central Bank of Azerbaijan has published official exchange rates for August 12. The dollar remained at 1.7 manats, the euro at 1.9610 manats.
Economy
President: Azerbaijan Plans Electricity Exports to Europe
President Ilham Aliyev announced plans to expand electricity exports to the European market, highlighting the country's energy security.
Economy
Aliyev: Azerbaijan Ready to Build Power Lines to Nakhchivan via Armenia
President Ilham Aliyev said the Zangezur corridor is viewed more broadly than just a transport route and presented a power line project through Armenia.
Economy
Aliyev: Azerbaijan Has No Problems with Electricity
President Ilham Aliyev stated that Azerbaijan does not face electricity shortages, despite the regional energy crisis.
Economy
CBO Raises US Budget Deficit Forecast for 2026 to $2.1 Trillion
The US Congressional Budget Office has revised its 2026 budget deficit forecast upward by $200 billion to $2.1 trillion, citing lower-than-expected tariff revenues.
Economy
EIA Forecasts Azerbaijan Oil Production at 520,000 bpd in 2027
The U.S. Energy Information Administration expects Azerbaijan's average daily oil production to reach 520,000 barrels in 2027.
Economy
Ilham Aliyev Reviews Nakhchivan Development Master Plan until 2044
President Ilham Aliyev and First Lady Mehriban Aliyeva reviewed the Nakhchivan city development master plan until 2044, which envisions increasing the population to 130,000 and expanding green zones.
Economy
US: Oil Exports via Strait of Hormuz Reach Nearly 9 Million bpd
US Energy Secretary Chris Wright said that nearly 9 million barrels of oil per day were transported through the Strait of Hormuz over the past week, with total supplies including pipelines reaching about 15 million bpd.
Economy
VTB (Azerbaijan) Cuts Non-Interest Expenses
VTB (Azerbaijan) became the only bank to significantly reduce non-interest expenses, while most banks increased costs.
Economy
Foundation Laid for New Industrial Park in Nakhchivan
President Ilham Aliyev and First Lady Mehriban Aliyeva attended the groundbreaking ceremony for the Nakhchivan Industrial Park, covering 310 hectares.
Economy
US Energy Department Raises Brent Price Forecast for 2026 to $86.81
The US Energy Information Administration has raised its Brent oil price forecast for 2026 to $86.81 per barrel amid the renewed blockade of the Strait of Hormuz.
Economy
Central Bank Explains July Ruble Weakness by Falling Exports and Demand from Certain Participants
The Bank of Russia linked the ruble's weakening in July to deteriorating trade conditions and unusual behavior by some market participants.
Economy
EIA Lowers Global Oil Demand Forecast for 2026, Raises 2027 Outlook
The U.S. Energy Information Administration has revised its global liquid fuels demand forecast downward for 2026 but raised it for 2027.
Economy
EIA Keeps Azerbaijan Oil Output Forecast for 2026 Unchanged
The U.S. Energy Information Administration (EIA) has maintained its forecast for Azerbaijan's oil production in 2026 at 550,000 barrels per day.
Economy
Uzbekistan Tightens Measures to Stabilize Oil and Gas Market
President Shavkat Mirziyoyev has ordered increased production, reserve building, and uninterrupted supplies amid rising demand.
Economy
ABC-Telecom Fined for Unfair Competition in Sale of HOFFMANN Heaters
ABC-Telecom, which operates the Kontakt Home retail chain, has been fined for violations in the sale of HOFFMANN oil-filled electric heaters.
Economy
China Passenger Car Sales Drop 21% in July, Exports Surge 88%
Retail sales of passenger cars in China fell 21.1% year-on-year in July to 1.47 million units, while exports rose 88.2%.
Economy
Number of Active Taxpayers in Azerbaijan Up 3.4%
In January-July 2026, the number of active taxpayers in Azerbaijan increased by 3.4% to 888,320. The number of VAT payers and business entities also grew.
Economy
Mastercard Appoints Yasemin Bedir as President of EEMEA Region
Mastercard has announced the appointment of Yasemin Bedir as President of the Eastern Europe, Middle East and Africa (EEMEA) region, effective September 1. She will also join the company's Management Committee.
Economy
Government Extends Reduced Gasoline Exchange Sales Quota Until 2026
The Russian government has extended the reduced 10% mandatory gasoline exchange sales quota until December 31, 2026, and expanded the list of consumers eligible for targeted fuel supplies.
Economy
Sber Launches Sber500 x DISRUPT Program with 30 Million Ruble Prize Fund
Sber has announced the launch of the Sber500 x DISRUPT program for entrepreneurs and developers of GenAI services. The prize fund is 30 million rubles.
Economy
Armenia Considers New Gas Sources Within TRIPP Project
MP Sargis Khandanyan said the future gas pipeline under TRIPP could become a new gas source for Armenia, and did not rule out direct supplies from Azerbaijan.
Economy
Number of Employees in Azerbaijan Up 0.9%
According to the State Statistical Committee, as of July 1, 2024, the number of employees in Azerbaijan reached 1,787,400, up 0.9% year-on-year.
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