Expert: Memorandum between Azerbaijan and EU will strengthen European energy market

The signing of a memorandum of understanding on strategic partnership in the energy sector is a very important milestone in the economic and political life of Azerbaijan, Michael Finkel, an Israeli lawyer, a specialist in international law and international politics, told Report.

"This document is very important; it will give Azerbaijan additional sources of income and hard currency revenues to the country's budget. The memorandum will also strengthen the stability of the European energy market and help reduce dependence on Russian gas, but naturally, it will not be able to fully replace the gas supply that the EU buys. However, increasing supplies is an important positive step in strengthening trust between Azerbaijan and the EU," he said.

The expert noted that Azerbaijan is pursuing a "wise, multidisciplinary policy": on the one hand, the country has good relations with Russia while providing humanitarian assistance to Ukraine. It also develops cooperation with the United States, European Union countries, and NATO.

On July 18, Azerbaijan and the European Union signed a memorandum of understanding on strategic cooperation in the energy sector. The document was inked by Azerbaijani President Ilham Aliyev and European Commission President Ursula von der Leyen.