Azerbaijan exports natural gas to Turkey and Europe through the Southern Gas Corridor and continues to make inroads into an energy market which until now has been dominated by Russia.

The government expects to privatise the United Mining and Chemical Company (OGHC), the Centrenergo, and the Odesa Port Plant this year.

The recurring financial dispute could have political repercussions as well for the country’s pro-Western government as it grapples with the geopolitical realities of being dependent on Russia to keep its 2.5 million people warm.