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Azerbaijan Ambassador to Asharq Al-Awsat: Baku Plans to Waive Visa Requirements for Saudis

Baku is preparing to host the second edition of the Gulf-Azerbaijan Economic Forum in September (Reuters)
Baku is preparing to host the second edition of the Gulf-Azerbaijan Economic Forum in September (Reuters)
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Azerbaijan Ambassador to Asharq Al-Awsat: Baku Plans to Waive Visa Requirements for Saudis

Baku is preparing to host the second edition of the Gulf-Azerbaijan Economic Forum in September (Reuters)
Baku is preparing to host the second edition of the Gulf-Azerbaijan Economic Forum in September (Reuters)

The Federation of Gulf Cooperation Council (GCC) Chambers is scheduled to organize the second edition of the Gulf-Azerbaijan Economic Forum on September 25, under the theme “Sustainability, Investments, Partnerships,” in Baku.

The two-day forum aims to boost economic relations between the two sides in several promising economic sectors.

The event, supported by Azerbaijani Minister of Economy Mikayil Jabbarov, is organized in collaboration with the Azerbaijan Export and Investment Promotion Agency (AZPROMO) and the GCC General Secretariat. The goal is to boost economic cooperation in several key sectors.

Azerbaijan’s Ambassador to Saudi Arabia, Shahin Abdullayev, mentioned efforts to improve land and rail transport links with Russia and Iran, noting that this could become a significant area of cooperation with the Gulf region. He believes the forum will help strengthen ties between Azerbaijan and the GCC.

Speaking to Asharq Al-Awsat, Abdullayev also highlighted the strong relationship between Azerbaijan and the Gulf countries, especially with Saudi Arabia.

He noted ongoing efforts to enhance cooperation in areas like renewable energy, agriculture, food, and tourism.

The diplomat also revealed that the Azerbaijani government is also working on waiving visa requirements for Saudi citizens, as it has already done for Qatar and the UAE.

The ambassador pointed to the success of Saudi Arabia’s ACWA Power as an example of fruitful investment in Azerbaijan and expressed optimism about future partnerships.

He expects increased air travel and tourism as visa processes become easier, which would benefit both economies.

President of the Federation of GCC Chambers Faisal bin Abdullah Al-Rawas noted that the forum reflects the importance of enhancing and developing trade relations between the GCC countries and Azerbaijan and increasing the volume of trade exchange between the two sides.

He pointed out that the forum will showcase key investment opportunities and joint projects in several economic sectors, including food security and agriculture, renewable energy, logistics, and transportation, as well as sectors that support the growth of trade and investment between the two sides.

Al-Rawas added that the trade exchange volume between the GCC countries and Azerbaijan reached $1.8 billion in 2023, and Gulf investments in Azerbaijan amounted to approximately $7 billion.

He noted that Azerbaijan’s economic capabilities have led the federation to focus on holding such joint events.

Azerbaijan’s GDP is around $72.4 billion, with foreign trade exceeding $51 billion.

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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.