The U.S. Treasury Department’s Office of Foreign Assets Control has extended until Feb. 28 a license allowing negotiations for the sale of Lukoil International GmbH, the entity that owns Russian oil giant Lukoil’s foreign assets. The extension was reported by Interfax. Any deal, however, must comply with U.S. national security…
The Kazakh government has announced the start of a new phase of mineral exploration, committing 240 billion tenge, about $500 million, over the next three years to geological research. For comparison, that figure exceeds total investment in the sector over the past 15 years, which amounted to $469 million, according…
In a parliamentary inquiry, the Ak Zhol faction claimed that the government is unprepared for complex international disputes surrounding the country’s largest oil and gas projects. Prime Minister Olzhas Bektenov responded to the claim. What is the gist of the complaint? According to the party’s estimates, the country is losing…
Finance ministers from the G7 and several other major economies met in Washington to discuss ways to reduce their dependence on rare earths and other critical minerals from China, including possible price-stabilization mechanisms and new partnerships to develop alternative supplies, Reuters reported. The meeting, convened by U.S. Treasury Secretary Scott…
U.S. President Donald Trump announced on Truth Social that he would impose 25% tariffs on all business activities with the U.S. for countries conducting business with Iran, Reuters reported. Tariffs «Effective immediately, any country doing business with the Islamic Republic of Iran will pay a tariff of 25% on any…
Zaman Bank, Kazakhstan’s Islamic bank, seeks to launch Halal installment plans on online marketplaces, Diar Smagulov, deputy chairman of the management board, said in an interview with Forbes Kazakhstan. “Establishing a marketplace is very lengthy and expensive — it took Kaspi around 10 years. Instead, we will collaborate with existing…
The board of directors of Kazakhstan’s flagship carrier Air Astana is set to review the acquisition of Airbus A320neo family aircraft, according to a notice available on the Kazakhstan Stock Exchange (KASE) website. The final amount of the deal has not been announced; however, it is noted that it would…
Central banks around the world continue to actively purchase gold, with Kazakhstan remaining one of the leaders in the trend. According to the World Gold Council (WGC), the National Bank of Kazakhstan increased its gold reserves by another 8 tons in November. In total, the National Bank purchased 49 tons…
In Q3 2025, gross inflow of foreign direct investment in Kazakhstan totaled $4.7 billion following $3 billion in Q2, according to statistics from Kazakhstan’s National Bank. More than $1 billion was invested in the manufacturing sector, along with vehicle retail and repairs; $997 million — in the mining industry; $772…
At a Jan. 4 meeting, OPEC+ decided to adhere to plans to pause production increases in the first quarter of 2026, according to Bloomberg. The decision comes against the backdrop of an oversupplied global market. Coalition members are also awaiting greater clarity on whether the capture of Venezuelan President Nicolás…
What do banks and stadiums have in common? Directly, there is no obvious connection. One unproven theory, however, suggests that where large amounts of capital are concentrated, generous investments often follow — including funding for major sports facilities. Our regular contributor and data visualization creator, Nurasyl Abrazakuly, has mapped out…
Kazakhstan’s billionaire class is dominated by the financial and natural resource sectors — a relatively rare combination for a single country. The infographics below highlight Kazakhstan’s dollar billionaires and richest individuals by net worth, as ranked by Forbes. Both visuals were compiled by Nurasyl Abdrazakuly, a Kazakh data scientist and…
As of Dec. 1, Kazakhstani banks had earned a total of 2.5 trillion tenge ($4.9 billion) in profit, including 226 billion tenge ($449 million) in November alone. Most major banks continued to post stable profits, although some unexpectedly dropped out of the top 10, according to statistics from the National…
The Kazakh government has approved an investment agreement to launch a new soft drink plant in the Aktobe region next year. A decree was signed by Prime Minister Olzhas Bektenov. The project’s investor, Coca-Cola Almaty Bottlers LLC, is ready to allocate approximately $83 million to the new production site. Once…
Citigroup has approved the sale of its remaining business in Russia, marking another step in the bank’s withdrawal from the country, according to Euronews. The U.S. bank plans to sell its Russian subsidiary, AO Citibank, to Renaissance Capital, an investment bank focused on emerging and frontier markets. The transaction is…
Kazakhstan’s external debt reached a historic high in 2025. Below is an overview of the country’s external debt profile by sector, creditor type and creditor country. The data are visualized by Nurasyl Abdrazakuly, a Kazakh data scientist and a frequent contributor to our infographics, using official figures from Kazakhstan’s National…
Kazakhstan is set to expand its gambling zones under a new law approved by the Mazhilis, the country’s lower house of parliament, in its second reading. In addition to the already active zones in Borovoe and Qonaev, casinos may be established along the Caspian Sea coast in the Mangystau region,…
Senior executives at Kazakhstan’s ForteBank say remote work undermines teamwork, discipline and corporate culture, arguing that the physical office remains essential to how the bank operates. Timur Issatayev, chairman of the board, and Talgat Kuanyshev, CEO, shared their views during a recent podcast on the YouTube channel «Two Meters.» Office…
Kazakhstan’s National Bank has approved the launch of three pilot projects involving digital assets, including a pilot that would allow cryptocurrency payments via QR codes, the regulator’s press office said. Three areas selected for testing According to the National Bank, the pilot projects will focus on three key areas: QR-code…
Cryptocurrencies cannot be used to pay for goods and services in Kazakhstan, according to Madina Abylkassymova, head of the Agency for Regulation and Development of the Financial Market, who spoke at a recent parliamentary hearing. Her comments came as Kazakhstan’s Senate reviewed a new law on banks and banking activities…
On Dec. 29, one of South Korea’s the largest restaurant franchise groups, Genesis BBQ, which specializes primarily in fried chicken, announced it had signed a master franchise agreement with Kazakhstan-based Restopark KZ LLP, Yonhap reported, citing the company’s press release. The development marks the company’s entry into the Central Asian…
Kazakhstan’s Deputy Prime Minister and Minister of Culture and Information Aida Balayeva announced that a new Tax Code will authorize inspections of organizations that receive foreign funding. Inspections to begin in 2026 Starting Jan. 1, 2026, tax authorities will be permitted to conduct inspections of organizations receiving international funding. The…
The Portuguese company Mota-Engil, whose main shareholders include China Communications Construction Co. (CCCC), is in talks to buy the Brazilian mining company Bamin, which is owned by Kazakhstan’s Eurasian Resources Group (ERG), sources told the Brazilian outlet Valor International. Bamin’s Brazilian concession Bamin holds a concession for a section of…
Kazakhstan’s Minister of Economy Serik Zhumangarin has compared upcoming value-added tax increases in Kazakhstan and Russia, saying the process moved more slowly at home because of extended discussions with businesses and the public. Speaking at a recent press briefing, Zhumangarin was asked about the effectiveness of Kazakhstan’s tax reform. He…
