"Azerbaijan will increase its gas imports from Russia to help service domestic needs," noted the country risk group report of the Fitch Solutions (FS) company, APA-Economics reports.
"Azerbaijan, which benefits from its strong ties with Türkiye, has improved its relationship with Russia since the war in Ukraine. Russia’s passive support of the Azerbaijani takeover of Nagorno-Garabagh, as well as Russia’s increased economic dependency on Türkiye, has warmed existing bilateral ties with Azerbaijan. It is worth noting that Azerbaijani economic dependence on Russia is relatively modest, given Azerbaijan’s own vast oil and gas reserves and its increasing role in supplying energy to Europe. Azerbaijan and the EU reached a partnership deal in 2023 under which the bloc will double its gas purchases from Azerbaijan by 2027. Interestingly, to meet these demands, Azerbaijan will have to increase its energy imports from Russia to help service domestic needs," FS added in its commentary.
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