TRIPP Momentum: The U.S. marked the 1-year anniversary of the Washington Armenia-Azerbaijan peace summit by announcing engineering surveys for the railway section of TRIPP in Armenia, while Azerbaijan nears completion of a highway and railroad link into Armenia. U.S. Investment Push: Washington also launched the $201m Trans-Caspian Enterprise Fund to back private investment along the Trans-Caspian Trade Route (Middle Corridor), with a board now in place. Peace Turns Economic: President Ilham Aliyev said the deal is already delivering tangible trade dividends, including lifted cargo restrictions to Armenia and the start of Azerbaijani petroleum exports, as leaders marked the anniversary in letters and a phone call. Banking Outlook: Fitch upgraded Azerbaijan banks’ operating environment rating to “BB,” a signal for the financial sector’s risk climate. Power Infrastructure: Azerbaijan is rebuilding electricity networks across nearly 30 villages and settlements in Khojaly and Khojavand, including new transformer substations and insulated power lines. Energy Corridor Context: Iran moved to ratify the Caspian Sea legal status convention amid regional tensions, aiming to support economic cooperation. Trade Risk Watch: A new U.S. Senate bill on Russia-linked oil buyers could enable up to 100% tariffs, with Azerbaijan listed among the targeted countries. FMD Controls: The Philippines temporarily banned imports of live animals and certain animal products from Azerbaijan and six other economies after foot-and-mouth disease outbreaks.