Both Moscow and Brussels have played an active role in helping the two states forge a durable peace after two wars – including a 44-day conflict last year in which Azerbaijan made major advances to “deoccupy towns”.

The country has also brought the redemption of gross domestic product (GDP) warrants to 20 percent.

Natural gas production at the major Shah Deniz gas field was 23 billion standard cubic metres (bcm) in 2021, up from around 18.1 bcm in 2020.

Fitch said there was a high degree of uncertainty about the near-term strategic objectives of President Putin, and the increased risk of an invasion reflected the extended period of troop build-up along Ukraine's border.

The test swap operation will be carried out in cooperation with international financial counterparties and the funds in the amount of $20 million.