First Azerbaijan Grand Prix in jeopardy?

ยฉ 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 worseย  since the start of 2016 as the oil rot continues while its currency has also lost 30 per cent of its value, leading to huge unforeseen budget cuts for the Caspian state.

Speculation is therefore mounting that Azerbaijan authorities, in an effort to save money, may be forced to simply cancel its 2016 Grand Prix event.

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