Russia approves agreement on mutual protection of investments with Azerbaijan
Baku, Azerbaijan, Nov.5
Russian President Vladimir Putin has signed the law on ratification of the agreement with Azerbaijan on promotion and mutual protection of investments, the president's website said.
The document signed Sept.29, 2014 in Astrakhan, is aimed at providing most favorable treatment for investors of the two countries.
"The agreement is aimed at creating favorable conditions for developing mutually beneficial trade, economic, scientific and technical cooperation between Russia and Azerbaijan," said the message.
The agreement also guarantees protection of investments from nationalization and expropriation. However, such measures can be taken for public interests in accordance with the laws of the two countries.
To date, Russia has invested over $1.8 billion in Azerbaijan's economy, while the latter has invested over $1 billion in Russia's economy over the last 10 years.
Edited by SI