Caucasus in May 2026: the most important developments in economy
In the Caucasus in May 2026, the economic news centred on Armenia. Prime Minister Nikol Pashinyan announced a plan for making Armenia richer, and Armenian inflation reached its highest level since 2023. Turkey said it would restart direct trade with Armenia. Relations with Russia were more tense: Russia threatened to cancel its gas deal with Armenia, while Pashinyan ruled out a Russian gas price increase, and Armenia risked losing flower export revenue from the Russian market.
Azerbaijan built up its energy ties abroad. A cargo of Azerbaijani crude oil arrived in Japan on 12 May, the state energy company Socar bought Italiana Petroli and took control of Italy's largest fuel station network, and Serbia and Azerbaijan signed agreements to expand their energy cooperation. Baku also hosted an urban summit, where Egypt's housing ministry presented its development projects, and a Bulgarian-funded industrial plant near Baku was visited by Bulgaria's president.
by WorldBrief & Maksim Micheliov | AI-generated summary
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