Azerbaijanis working in Russia to be eligible for pensions

By Azernews

By Sabina Mammadli

Azerbaijan and Russia signed a memorandum on cooperation in the field of pensions between the two countries.

The document was signed by Deputy Prime Ministers of the two countries, co-chairs of the Commission Shahin Mustafayev and Alexey Overchuk during the 20th meeting of the Intergovernmental State Commission on Economic Cooperation.

The document regulates relations between the two countries in the field of pension provision. The document defines the mechanisms for recognizing and protecting the rights of Azerbaijani and Russian citizens to pensions and other social insurance earned in the territory of these countries.

One of the priority activities is to conclude agreements with Azerbaijani citizens working abroad in order to ensure the recognition of their rights to future pensions and other social insurances.

Azerbaijan and Russia have mutual cooperation in different fields, such as economy, agriculture, customs, communications, high technology, and others. More than 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijani investments in Russia's economy have exceeded $1.2 billion, with the majority of these investments being in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion, with $5 billion invested in the oil sector and $1.3 billion invested in non-oil sectors.

Additionally, some 14 Russian companies have applied for participation in Azerbaijan's Karabakh reconstruction.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.