Last year, SOCAR said it planned to transport 1.209 million tonnes of oil via Russia in 2022.

Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth stood at 13.7 percent in February, down from 13.9 percent in January.

In 2021, the total volume of Azerbaijan's public debt amounted to 16.9 billion manats ($9.9 billion) or 18.2 percent of GDP.

Lenders reported a rise in total net profit of 47.3 percent year-on-year to 107.7 million manats ($63.4 million) in the first two months of the year.

Azerbaijan exports natural gas to Turkey and Europe through the Southern Gas Corridor and continues to make inroads into an energy market which until now has been dominated by Russia.