Caucasus in September 2026: the most important developments in economy
In the Caucasus in September 2026, the main economic event was the second Azerbaijan International Investment Forum in Baku on September 25 and 26. President Ilham Aliyev addressed it, 11 documents were signed on the first day, and Azerbaijan signed investment agreements worth more than $10 billion. Aliyev met investment firms including Brookfield Asset Management and Vista Equity Partners. Total, SOCAR and XRG launched a new phase of a gas project, a final investment decision was approved for full-scale development of the Absheron field, and SOCAR and ExxonMobil signed a deal to explore the Middle Kura Basin. Azerbaijani oil traded near $105 to $107 early in the month and approached $120 by September 11, which Moody's said was strengthening the country's public finances.
Azerbaijan also pushed its role as a trade route. Azerbaijan Railways worked to increase freight along the Middle Corridor, signed a cooperation agreement with the Port of Hamburg and added Chinese-made locomotives. The country announced plans for green energy corridors, a cable to Bulgaria and a 250 MWh battery storage project, and reported 17.8% growth in direct investment inflows. The start date for the TRIPP trade corridor connecting Armenia and Azerbaijan was pushed back.
In Armenia, the EU moved to lift tariffs on most Armenian goods: a European Parliament committee approved the measure on September 4, the Parliament on September 15 and the EU Council adopted it on September 24. On September 15, reports said Russia had turned off gas to Armenia, and Armenia's central bank said a Russian gas price rise would cause an economic shock; another report said supplies might stop in November. Armenia's central bank raised its policy rate. Prime Minister Nikol Pashinyan asked Russia to sell its stake in the Armenian railway concession to a third party. Azerbaijan shipped fuel to Armenia on several occasions, and Armenia lodged a complaint with the Eurasian Economic Union over Russian restrictions on Armenian products. Iranian airlines suspended flights to Azerbaijan on September 22.
by WorldBrief & Maksim Micheliov | AI-generated summary
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