Russia intends to expand banking co-op with Azerbaijan in national currencies

“Difficulties with payment are associated with changes in the exchange rate of the ruble. The solution to this issue will help the transition to settlements in national currencies,” Russian Ambassador to Azerbaijan Mikhail Bocharnikov told a press conference on March 30, Report informs.

The ambassador was commenting on the impact of sanctions imposed against the Russian Federation on trade cooperation with Azerbaijan and whether there are problems with payment under contracts between the two countries.

“In accordance with the declaration [on allied cooperation], we plan to expand banking cooperation in national currencies, which will also contribute to solving this problem. There are already positive steps in this direction,” the ambassador said.

He also recalled that in March, a delegation of the Russian customs service visited Azerbaijan, within the framework of which the Green Corridor project - a pilot project to organize a simplified customs corridor for those conducting foreign economic activities - was presented.

Bocharnikov noted that in the first two months of 2022, the trade turnover between Azerbaijan and the Russian Federation increased by 20%. “The prospects for trade growth are pretty positive,” he added.