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to the growth of trade turnover between Azerbaijan and Russia, Deputy Minister of Economy of Azerbaijan Sahib Alekperov said. "According to statistics, in 2023 the trade turnover between Azerbaijan and Russia amounted to $4.4bn. In comparison with 2022, it increased by 17.5%. In January - May this year it amounted to $1.7bn. The transition to mutual settlements in national currencies will contribute to the growth of trade turnover," he said. The deputy minister clarified that as for Azerbaijani exports to Russia, mutual settlements in national currencies already make up 70%, and as for Russian exports to Azerbaijan - around 50%.
Problems with cross-border payments have stimulated financial innovations, a high-ranking federal official told Vedomosti. One of the most promising is the issue of tokens for Russian gold, the presence of which in storage facilities, for example, could be guaranteed by the Bank of Russia.
The discussion on this issue was confirmed by a source from a systemically important bank, as well as a source close to the government. The latter source clarified that such a mechanism is not yet being developed at the state level. Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov told Vedomosti that the instrument is being tested by participants in the international settlements market and by the end of the year it will be fully available to participants in foreign economic activity.
148 RUSSIA Country Report August 2024 www.intellinews.com