Baku, Azerbaijan, July 4
By Huseyn Veliyev - Trend:
The annual trade turnover between Russia and Azerbaijan has reached $ 2.5 billion, and the non-oil exports to Russia from Azerbaijan have already exceeded $ 500 million, the Chairman of the Management Board at OJSC VTB Bank (Azerbaijan) Yevgeniy Kirin told reporters July 4.
"This shows positive dynamics in the trade relations between the two countries. The volume of trade turnover at the end of 2018 will exceed last year's figures according to our estimates for this year. Perhaps the overall dynamics will not be so impressive, but in terms of exports volumes it will increase," Kirin said.
The export of Azerbaijani products to Russia increased by about 30 percent at the end of 2017 as compared to 2016, he said.
"Trade turnover between Russia and Azerbaijan is at a stable level. That is why our bank proceeds from the needs of participants of foreign economic activity - exporters and importers, and will offer them new products," Kirin said.
VTB Bank (Azerbaijan) has been operating in the country since 2009.
VTB Group is a Russian financial group that includes more than 20 credit and financial companies operating in all major segments of the financial market.
The main shareholder of the group is the Russian government, which owns 60.9 percent of voting shares in the person of the Federal Agency for State Property Management (Rosimushchestvo) and the Ministry of Finance, or 45.01 percent (taking into account the State Deposit Insurance Agency - 92.23 percent) of the bank's authorized capital.
