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No you don't need a transit visa, provided you have proof of onward travel and remain in Azerbaijan for less than 72h.
However, make sure you don't need to transfer terminals at Baku airport, because then you'll need a visa.
TWOV (Transit Without Visa):
- Holders of onward tickets for a max. transit time of 72 hours.
- Stateless persons and refugees holding onward tickets for a max. transit time of 24 hours.
- TWOV is not possible between Terminal 1 and Terminal 2 at BAKU (GYD).