Azerbaijan’s Central Bank: No disruption in Russia financial and trade operations

Despite mounting political tensions between Azerbaijan and Russia, the Central Bank of Azerbaijan reports no significant disruptions in trade or financial operations between the two countries.

Speaking at a press conference on the discount rate, Central Bank Chairman Taleh Kazimov addressed the current state of trade relations with Russia, as per Caliber.Az correspondent.

“The Central Bank of Azerbaijan is monitoring the impact of tensions in relations with Russia on import and export operations. Russia is one of our main trading partners in the non-oil and gas sector. Today, we do not see any radical changes in this area,” Kazimov stated.

Samir Nasirov, Director of the Central Bank’s Statistics Department, also confirmed that, despite the recent strains in bilateral relations, there have been no notable changes in the flow of imports, exports, or money transfers between the two countries.

While economic operations remain stable for now, diplomatic relations between Azerbaijan and Russia have significantly deteriorated in 2025. One of the key flashpoints was the accidental downing of an Azerbaijani passenger aircraft by Russian air defence systems in December 2024, which killed 38 people. The incident led to widespread public anger in Azerbaijan, with Baku demanding an official apology and compensation from Moscow for the families of the victims.

Tensions escalated further in June 2025 following a controversial police operation targeting the Azerbaijani community in Yekaterinburg, Russia. Around 50 ethnic Azerbaijanis were detained during the raid, with reports of abuse and the death of two brothers from injuries sustained in custody. The operation sparked outrage in Azerbaijan and triggered a diplomatic standoff, marked by reciprocal detentions and restrictions on media coverage in both countries.

By Tamilla Hasanova