The bank raised the upper level of the rate corridor to 8.25 percent from 8.0 percent, while the lower level remained unchanged - at 6.0 percent.

Gas exports from Shah Deniz amounted to 15.923 billion cubic metres (bcm) in the first eleven months of this year, 44.4 percent up from the same period last year.

In 2007, Russia signalled its commitment to pursue territorial claims in the Arctic by planting a titanium Russian flag on the polar seabed. Now, Russia is moving well past symbolism and has developed concrete plans and goals for its entire Arctic region.