News Details
First Azerbaijan Grand Prix in jeopardy?
© WRI2
According to reports from an advisor to President Ilham Aliyev of Azerbaijan, the country's very first Grand Prix scheduled in Baku on June 19 could be in doubt. The oil-dependent nation has suffered massive economic loss in the past year following the collapse in the price of oil, and the government in Baku has now resorted to capital controls in an attempt to contain a collapse in turn of its currency. "Azerbaijan is an oil country," said presidential advisor Ali Hasanov. "The prices on oil and oil products have reduced threefold since early 2015. This means that Azerbaijan's revenues reduced threefold." The country's state of affairs has only gotten worse ...
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