SOFAZ Watch: Azerbaijan’s State Oil Fund suspended gold sales in Q2; gold still makes up 31.4% of its portfolio, while SOFAZ assets stood at $72.6bn as of July 1. Oil Revenue Update: SOFAZ said ACG field revenues to the fund in Jan–Jun 2026 totaled AZN 4.375bn (slightly down y/y), and Shah Deniz gas/condensate revenues fell to AZN 423.3m. Energy Markets: Azeri Light jumped above $100 to $100.56/bbl, lifting the global benchmark for Azerbaijan-linked crude. EU Sanctions Spillover: The EU approved its 21st Russia sanctions package, adding 32 more banks to a SWIFT transaction ban; officials also noted some third-country banks were lifted after compliance steps, including Azerbaijan’s Yelo Bank. Azerbaijan–Germany Business: President Ilham Aliyev and German Chancellor Friedrich Merz signed economic agreements and a strategic agenda, with a push to expand gas supplies and transit links via the Middle Corridor. Standards & Climate Policy: Azerbaijan adopted 293 new state standards in H1 2026, and published a draft Climate Law proposing a national carbon registry and emissions trading/carbon tax framework. Private Sector Expansion: GL Group became the first Azerbaijani private operator to acquire producing upstream oil and gas assets in the US (Permian Basin), while Anglo Asian Mining appointed a new independent cybersecurity-focused director. Sports: Sabah FC beat KuPS 1-0 in the first leg of the UEFA Champions League qualifier.