"The sanctions on Russia have thus far had a limited impact on Azerbaijan’s banking sector," APA-Economics reports citing International Monetary Fund (IMF) report on results of consultations with Azerbaijani government from May 25 to June 7 on the Article 4.
"However, as Azerbaijan’s exposure to Russia is non-negligible given Russia’s role as an important trading partner, Azerbaijani banks may turn to alternative systems. The authorities should closely monitor banks’ usage of alternative payment systems or crypto currencies.
The authorities do not currently see any serious problems with correspondent banks in Russia and they are monitoring the situation closely.
However, there appear to be some challenges with the correspondent banks in the United States and Europe, including delays in processing payments," noted in the statement.
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