Azerbaijani businesses could lose almost $1.2 billion if they lose the Russian market, RIA Novosti has calculated—and based on data from the Comtrade platform of the UN.

Separately, Russia sends only 0.8 percent of its exports to Azerbaijan.

Earlier this week, Azerbaijani MP Rasim Musabekov told Minval that negotiations between Moscow and Baku on a number of major joint economic projects had been suspended.

Last year, Azerbaijan exported goods worth $26.6 billion. Of this, almost $1.2 billion, or 4.4 percent, went to Russia. Compared to 2023, Azerbaijan’s exports to Russia have decreased by 1.5 percent, and total exports—by a fifth.

According to the Bank of Russia, the latter’s exports in 2024 amounted to $433.1 billion. Of these, deliveries to Azerbaijan amounted to only 0.8 percent, or $3.6 billion. This, however, is 15 percent more than a year ago.

And according to the results of 2024, Azerbaijani exports from Russia reached their highest level since 2020, and Azerbaijani exports reached a historical maximum.