Azerbaijan has recently moved to strike a peace deal with Armenia after violently recapturing the disputed territory of Nagorno-Karabakh in 2023. But continued fighting between the two countries might be more likely than peace, and other transnational threats continue to lurk beneath the surface. For one, Azerbaijan’s President Ilham Aliyev retains visions of territorial expansion through a creeping invasion of Armenia’s southern border. And the tentacles of Azerbaijan’s business dealings should raise alarms throughout the international financial system.
