Azerbaijan's state oil company, SOCAR, will receive a $1.5 billion loan from Russia's Lukoil as part of a deal to supply crude oil to SOCAR's oil refinery in Turkey.
Expansion of the Southern Gas Corridor pipelines carrying Azerbaijani gas to Europe is on hold pending confirmation that Europe will buy the gas. Baku's offensive to retake Nagorno-Karabakh could further complicate things.
Exports of Azerbaijani oil via the Black Sea were restarted but only temporarily, while exports of Russian crude oil through Azerbaijan have finally been halted due to EU sanctions.
A highly touted deal between Baku and Brussels was meant to wean Europe off Russian gas. But is Azerbaijan now importing Russian gas itself in order to meet its obligations to Europe?
BP, which operates the pipeline to Georgia's Black Sea coast, says the shutdown is temporary and that in the meantime all oil exports are being rerouted through Turkey.
President Ilham Aliyev's visit to Moscow days ahead of Russia's invasion of Ukraine appears to have resulted in an agreement not to compete with one another on gas exports.
As a potential Russian gas crisis looms, Azerbaijan has promised to supply more gas to Europe "in case of emergency.” But it won’t be the answer to the crisis.