Sanctions imposed by the U.S., the European Union (EU) against Russia and other countries, haven't had a negative effect on the Azerbaijan`s economy yet, ADB Senior Economist David Oldfield said at the "Asian Development Outlook-2014" discussion held in Baku on April 4.
The countries whose trade and labor markets are strongly linked to Russia may be affected a lot by these sanctions. However, namely Kazakhstan, Kyrgyzstan, Tajikistan, Azerbaijan are lesser associated with the Russian economy, according to Oldfield
The economist at the ADB office in Azerbaijan Nail Valiyev said that serious consequences of these sanctions would impact the Azerbaijani economy if their strengthening reduces oil prices.
The deterioration of the economic situation in Russia may impact income of Azerbaijanis working there, and eventually could reduce the amount of remittances from Russia, which would affect the balance of payments, however.