BAKU, Azerbaijan, June 15 (UPI) – Trade between Russian and gas-rich Azerbaijan is expected to continue along an upward trajectory, Russian President Vladimir Putin said.
Putin met during the weekend in Baku, the capital of Azerbaijan, with Azeri President IIham Aliev to discuss economic opportunities in the Caspian region. The Azeri president said trade relations between both sides remained strong, even as global economic growth struggles to emerge from recession.
“I would like to note that despite the economic turbulence, trade between our countries has been growing,” Putin added. “Last year it went up by about 12 percent, I believe, while in the first quarter of this year [it went up] by almost 6 percent.”
Russia’s economy, in particular, has stumbled on the back of dual strains from sanctions imposed in response to the crises in Ukraine and the low price of crude oil. For natural gas, British energy company BP said in an annual review that Russian product declined 4.3 percent from last year which, in terms of volume, was among the largest drops in the…