News

Kazakhstan’s economy is becoming increasingly dependent on Russian goods. At the same time, domestic products struggle to compete, according to analysts from the Association of Financiers of Kazakhstan (AFK), who studied the two countries’ trade turnover in 2024.

Last year, Kazakhstan’s trade volume with Russia rose by 3% to $27.8 billion. Imports of Russian goods increased by 8%, while exports of Kazakhstani products to Russia fell by 6%.

Russian goods now account for nearly a third (31%) of Kazakhstan’s total imports. Over the past year, Kazakhstan has increased purchases from Russia, particularly in:

An important meeting took place in Astana between Korea Hydro & Nuclear Power (KHNP), a subsidiary of the Korea Electric Power Corporation and the operator of large nuclear and hydroelectric plants in South Korea and the newly established Nuclear Energy Agency (NEA) of Kazakhstan. The two sides discussed key prospects for a potential partnership, including nuclear energy development, personnel training, localization of production and the launch of joint initiatives. The talks were part of the bidding process to select a supplier of technologies for the construction of Kazakhstan’s first nuclear power plant (NPP).

According to Almassadam Satkaliyev, the head of...

The National Assembly of Armenia has passed a final resolution to join the European Union (EU), despite Prime Minister Nikol Pashinyan’s decision to improve relations with Russia. The resolution was adopted earlier today, on March 26, as reported by the RIA Novosti news agency.

«Sixty-four deputies voted in favor of the law, while seven voted against it. The resolution has been adopted,» the agency cited Alen Simonyan, president of the assembly.

The resolution declares the country’s intention to join the EU, promoting the move as the right path to Armenia’s prosperity.

Last week, Pashinyan decided...

Recent footage has surfaced of actor Jude Law portraying a young Vladimir Putin in «The Wizard of the Kremlin,» a film directed by Olivier Assayas.

News of the screen adaptation of Giuliano da Empoli’s novel of the same name first emerged in January 2025, sparking widespread debate on social media. Much of the controversy stemmed from the decision to cast Law, one of Hollywood’s most handsome actors, as Putin. The project has ignited discussions over whether Law’s portrayal of the Russian president might be biased, leading to comparisons between the actor and Putin.

The leaked footage, believed to be...

Kazakhstan’s National Bank Chair Timur Suleimenov responded to an inquiry from members of the Mazhilis, the lower house of Kazakhstan’s parliament, regarding banks’ reluctance to provide loans to Kazakh enterprises exporting to Russia.

In mid-February, Azat Peruashev, leader of the Ak Zhol political party, submitted a parliamentary inquiry to Suleimenov, stating that Kazakhstani machine-building enterprises were facing challenges in exporting their products to Russia. Banks refused to grant them loans and process payments, citing concerns related to the risk of secondary sanctions from the U.S. and the EU.

Suleimenov pledged to raise this issue at the next meeting with financial...

Kyrgyzstan’s government has reclaimed ownership of ElCat, a company formerly owned by Maxim Bakiyev, the son of ex-president Kurmanbek Bakiyev, according to the Kabar news agency, citing Dayirbek Orunbekov, a spokesman for the presidential administration. The company is valued at approximately $69 million.

«In 2007, former presidential office employees Zakirali Kenzhebaev, Sergey Shmelev, Konstantin Levinets and Mikhail Dudin made a deal with Maxim Bakiyev, which led to the presidential office being illegally removed from the company’s list of incorporators through court decisions. As a result, control of ElCat was transferred to Bakiyev’s associates. Since then, the...

Kazakhstan’s road operator QazAvtoJol reported installing inflatable rubber dams in the Kostanay region to prevent roads from flooding during the spring floods. The company cites their mobility and quick installation as the main advantages.

An inflatable rubber dam is a sealed pipe, 25 meters long and 1.5 meters high, made of durable, waterproof materials. Specialists say that this pipe can be filled with water or air and becomes extremely firm.

«A dam like this effectively controls the water flow, preventing it from spreading across the protected area. When the flood risk is gone, the water or...

The U.S. will lease a land plot in Kazakhstan for 49 years at a cost of $25.3 million to construct its Consulate General in Almaty, according to Akan Rakhmetullin, Kazakhstan’s vice minister of foreign affairs.

On March 26, the Mazhilis, the lower house of Kazakhstan’s parliament, reviewed a draft law granting the U.S. government a lease for the consular premises in Almaty.

«Following the 74th session of the UN General Assembly, the head of state instructed that the U.S. Consulate in Almaty be established. To implement this directive, an agreement was signed in New York on...

The Caspian Pipeline Consortium (CPC), which is the main export route for Kazakhstani oil (80%), has been included in the list of Russian and Ukrainian facilities that must not be targeted by mutual strikes, according to analyst Oleg Chervinskiy.

«The list was published on the Kremlin’s website late on March 25 and raised more questions than it answered. The second clause in the list of Russian and Ukrainian energy facilities covered by the temporary moratorium on strikes against the energy system includes ‘oil and gas pipelines and storage facilities, including pumping stations,’» Chervinskiy posted in his...

Prime Minister of Kazakhstan Olzhas Bektenov and Zhang Qihai, CEO of the Chinese company Xinjiang Lihua – one of China’s top 55 agricultural companies, specializing in the full cycle of cotton processing – discussed the creation of a large cotton and textile complex in the Turan Special Economic Zone in the Turkestan region. The full-cycle project, valued at more than $396 million, is expected to be a key driver of economic growth in the region.

The project involves the launch of an agro-industrial hub with a closed production cycle—ranging from growing cotton on 50,000 hectares to manufacturing finished products such...

Nurlan Zhumagulov, head of the Energy Monitor public foundation, has suggested that Kazakhstan adopt the same nuclear power plant (NPP) construction model as Uzbekistan. He shared this view while commenting on a recent interview with Azim Akhmedkhadjaev, director of Uzbekistan’s Atomic Energy Agency.

Zhumagulov noted that Uzbekistan plans to build a small modular reactor with a total capacity of 300 megawatts (MW) without holding a referendum. The reactor will be constructed by Rosatom, Russia’s state nuclear corporation, with turbines sourced from China and electronics procured from Europe.

«This is what is called an international consortium. A...

Victoria Oil & Gas, a British oil and gas company headquartered in London, has initiated legal proceedings against Kazakhstan. The oil company accuses the country of violating the Energy Charter Treaty, an international agreement that establishes a multilateral framework for cross-border cooperation in the energy industry. The claim has been registered with the International Centre for Settlement of Investment Disputes (ICSID), according to the organization’s website.

The standoff has been ongoing since 2021, when the company first threatened to file claims for hundreds of millions of dollars due to the cancellation of a contract to develop the Kemerkol field in...

Ukrainian telecom operator Kyivstar, owned by global telecommunications company Veon, has negotiated the purchase of Ukrainian ride-hailing and delivery platform Uklon ahead of its planned Nasdaq IPO. Veon CEO Kaan Terzioglu said Uklon could expand into new markets, including Kazakhstan, Pakistan and Bangladesh.

Kyivstar will acquire a 97% stake in Uklon for $155.2 million. The ride-hailing service, which operates in 27 Ukrainian cities and expanded into Uzbekistan in 2023, also generates revenue through advertising placed on cars and within its app.

The acquisition of this non-core asset follows Kyivstar’s agreement to list on Nasdaq. The telecom operator has been preliminarily...

Bibigul Zheksenbai, a member of the Senate, the upper house of Kazakhstan’s parliament, proposed in her inquiry to Prime Minister Olzhas Bektenov that the export of native Kazakh Tazy breed dogs be banned, crossbreeding be penalized and the Tazy and Tobet Dogs Day be rescheduled to November.

Zheksenbai referred to President Kassym-Jomart Tokayev’s statement on the necessity of additional measures to protect the purity of the Tazy and Tobet breeds and to prevent the uncontrolled export of these dogs.

She cited Japan as an example, where the export of traditional Japanese breeds, Akita Inu and Shiba Inu, is allowed only...

Dozens of Kazakhstani investors who lost money through real estate investments on the Proportunity platform plan to file a lawsuit in the Astana International Financial Centre (AIFC) court against the Astana Financial Services Authority (AFSA), AIFC’s independent regulator. The investors, who accuse AFSA of inaction and failing to protect their rights, intend to take legal action by the end of March. They recently published their appeal on the Finance.kz Telegram channel.

What is the dispute about?

Proportunity Management Company Limited (PMCL), a crowdfunding company licensed by the AIFC, entered the market in 2019. It offered Kazakhstanis a real estate investment...

The Development Bank of Kazakhstan (DBK) and Banco Santander, Spain’s largest financial services group, have signed a framework agreement to attract up to €400 million (approximately $434 million) in financing for infrastructure and energy projects in Kazakhstan, involving international exporters. Notably, over the past year, DBK has already borrowed approximately $1.96 billion. The signing ceremony was held during the 8th Kazakhstan-Spain Business Council meeting in Madrid.

DBK has borrowed money from various international institutions over the past year. However, until the fall of 2024, Chinese banks were its primary lenders before it shifted to European institutions. In May 2023, DBK...

An unidentified aircraft that crashed in Kazakhstan’s West Kazakhstan region on March 18 may be an Iranian Shahed-136 drone, according to military observer Amangeldi Kurmet. He also suggested that a white drone found in the region a month earlier could be a Russian Orlan-10.

On the afternoon of March 18, 2025, an unidentified drone crashed in the Taskala district of the West Kazakhstan region. Residents of Atameken, a village about 60 kilometers from the district center, took photos and videos of the black aircraft, which quickly spread on social media. The drone was approximately three meters long.

Kurmet analyzed photos...

Kazakhstan is set to expand trade with Hungary by 3.5 times from $200 million in 2024 to $700 million. To achieve this goal, Kazakhstan aims to diversify its export structure across 95 items. This initiative was announced by Kazakhstan’s Minister of Trade and Integration Arman Shakkaliyev during Kazakhstan’s trade and economic mission to Budapest. However, the official has not disclosed the exact timeline for the move.

«We intend to boost our exports up to $700 million in areas such as metallurgy, engineering, foodstuffs and construction products. Trade accelerates cooperation. Our countries embrace the principle of ‘jointly...

Kcell, a large mobile operator in Kazakhstan, which operates under the Kcell and Activ brands, has been included in the list of companies proposed for transfer into a competitive environment, according to a report by Kazakhstan’s Agency for Protection and Development of Competition (APDC) available on its official website.

The agency explained its decision to include Kcell in the privatization list, citing Kazakh national telecom operator Kazakhtelecom (which holds a 51% stake in Kcell) as having “power in the market” and dominating both the telecommunications sector and adjacent markets.

Moreover, the APDC believes that public ownership (since the government controls...

The Central Asia Fashion Spring 2025 international exhibition has concluded at the Atakent International Exhibition Centre in Almaty. Kursiv LifeStyle shares experts’ insights on the industry’s current state and future prospects.

The future of shopping centers

Considerable attention has been paid to the development of shopping centers. According to Dmitry Revin, chairman of the Kazakhstan Union of Retail Property Developers, future malls will evolve from points of sale into centers offering diverse leisure experiences.

“A future mall is not just a row of shopping stalls but rather a lifestyle hub, where people come not only to...

As of Feb. 25, 2025, Canadian money transfer service Leskar Payments has officially launched in Kazakhstan, according to the National Bank’s register of payment systems.

Currently, the register lists 16 active payment systems in the country. In 2024, four systems — Contact, Faster, Unistream and Ria Money Transfer — were removed from the register, making them no longer available in Kazakhstan.

Among the key payment systems in 2024 were:

Graphite Minerals, controlled by a Kazakhstani entrepreneur, plans to produce graphite at the Karagaily field in the Zhanasemey district of the Abay region. The company aims to produce at least 1.2 million tons of graphite per year over the next ten years, starting in 2026.

«Under the project, graphite will be extracted using an open-pit mining method… The technical specifications of the project indicate that the mine will have a capacity of 2.2 million tons of ore in the first year and 1.2 million tons in the following years,» the company said in a statement.

Kazatomprom, the world’s largest uranium producer, earned $2.2 billion in net profit last year. This marks a 95% increase compared to 2023, when the company reported $1.1 billion in revenue, according to its financial statement.

More than a quarter of that sum — $598.6 million — came as net profit from obtaining control over the Kazakh-Russian Budenovskoye joint venture through Kazatomprom’s representatives in the venture’s supervisory council and the majority of votes. However, Kazatomprom’s 51% share in the joint venture remained unchanged.

The increase in uranium oxide prices contributed to strong financial results across many of Kazatomprom’s subsidiaries, which was...

Uzbekistan ranks third among Commonwealth of Independent States (CIS) nations in military budget, surpassed only by Russia and Azerbaijan.

In 2024, Uzbekistan allocated $2.8 billion to defense, making it the highest defense spender in Central Asia, according to a recent report by Global Firepower (GFP), a leading annual defense ranking.

Kazakhstan ranked second in the region with $2 billion in military expenditures, followed by Turkmenistan at $1.1 billion. Tajikistan and Kyrgyzstan spent $446 million and $222 million, respectively.

Among CIS countries, Russia led with $126 billion in defense spending, followed by Azerbaijan with $5 billion. Uzbekistan ranked third.

Globally, the...