Sources at SOCAR told the Tribune that they viewed the talks with Hungary as a means of soothing European Union concerns that Budapest was significantly boosting shipments of Russian gas.

The latest assessments from U.S. and Ukrainian analysts say more than 100,000 Russian troops are deployed on the Ukrainian border.

Annual inflation was 9.97 percent in 2021. The central bank expects annual inflation to decline and reach its target level of 6 percent by the end of 2022.