The economic situation in Uzbekistan’s major trading partners, sharp fluctuations of their exchange rates, rising commodity and energy prices are increasing macroeconomic uncertainties and risks.

The IMF said that spillovers from the war and sanctions were expected to lower Georgia’s growth to around 3 percent in 2022, raise inflation, and widen the current account deficit.

Crude is processed at the Baku Oil Refinery, which produces 15 different petroleum products, including gasoline, aviation kerosene, diesel fuel, naphta, petroleum coke, and others.

Fitch expects all these economies to grow in 2022, but has cut its forecasts by 0.2-4 percentage points, with the largest cuts for commodity importers.