Azerbaijan to invest in Russia despite sanctions

Aliyev said Russia is a "promising” market for Azerbaijan and the sanctions are "temporary”.

Azerbaijan also seeks to strengthen its ties with Russia through investments, the president said in an interview broadcast on Dec. 1.

"Investments are not only about a diversification of resources but also a demonstration of relationships,” Aliyev said. "Russia is a friend and a partner to us, and investments in Russia will continue.”

In 2012, Azerbaijan’s state oil fund (Sofaz) bought the Gallery Actor business and shopping center in central Moscow for $133 million as part of an effort to diversify assets. 

Sofaz also invested in Russian ruble, buying 3 percent of Russia’s VTB Bank.