Baku: In the CIS+ region, the direct impact of tariffs will be low as exports to the US are limited, this was stated in the report of the international rating agency Fitch Ratings, APA-Economics reports. It was noted that Armenia and Georgia are oil importers, while banks in oil-exporting CIS+ countries such as Azerbaijan and Kazakhstan generally have low direct exposure to the oil and gas sector, and strong liquidity buffers.

According to Azeri-Press News Agency, in countries with high external liabilities, particularly Uzbekistan, refinancing for state-owned banks may become more costly, but risks are mitigated by state support and the long-term nature of most external borrowings, mainly from international financial institutions on concessional terms. The report also highlights the potential impact of currency fluctuations, stating that the US dollar has weakened since the major tariff increases. If this trend reversed, local-currency depreciation would be likely to weaken asset quality in countries with high dollarisation. However, most banks have capacity to absorb moderate losses, and the authorities could support domestic currencies if needed.