As highlighted in our Global Trends: what to look for in 2016 report, the impact of sustained low commodity prices is starting to show on resource-rich markets around the world. In the first of our insight series on the resource-rich markets most at risk of sovereign default we look at Azerbaijan. With 92% of exports reliant on hydrocarbons, Azerbaijan’s finances have been hit hard by low commodity prices. With 65% of foreign reserves spent over 2015 to support the currency, the government has increased efforts since December to stem its economic crisis. Azerbaijan will open the Southern Gas Corridor and is strategically important as a future gas supplier to Europe. If Azerbaijan’s economic situation further deteriorates, the country will be forced to reassess investment priorities and could request greater foreign involvement in its energy projects.