Russia–Azerbaijan economic cooperation marked by high efficiency, Ambassador says

Economic cooperation between Russia and Azerbaijan is characterized by high efficiency and increasingly smooth financial operations, AzerNEWS reports, citing Russian Ambassador to Azerbaijan Mikhail Yevdokimov, as he said at a business panel titled “Investments in the Caspian Region.

Speaking at the event,” Yevdokimov highlighted the growing effectiveness of financial settlements between the two countries, particularly through the use of national currencies.

He said the progress was largely driven by the banking sectors of both Russia and Azerbaijan, which have enabled transactions in rubles and manats.

“This is primarily an achievement of the banking institutions of Russia and Azerbaijan: our countries carry out settlements in national currencies – the ruble and the manat,” the ambassador said. “I personally verified this. After funds were transferred from Baku in manats, I received a notification from a Russian bank within 1.5 hours confirming the transfer of funds in rubles.”

Yevdokimov added that even diplomatic missions actively use both currencies without facing financial or administrative difficulties. He also noted that Russian entrepreneurs operating in Azerbaijan have similarly expressed satisfaction with the simplicity and convenience of settlements in national currencies.