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Since the start of the war in Ukraine, Kazakhstan’s exports have played an increasingly significant role in its trade with Russia. However, this does not necessarily mean that Kazakhstani companies are helping Russia circumvent sanctions; trade patterns may have shifted for other reasons. Kursiv Research analyzed which goods have seen dramatic changes and what might be driving these shifts.

How has the war in Ukraine reshaped Kazakhstan-Russia trade?

Three years ago, on Feb. 24, 2022, the war between Russia and Ukraine began. In response, Western nations imposed sweeping sanctions on Russia, including sectoral, financial and individual restrictions. Trade bans targeted...

Kazakhstan’s government has officially chosen a construction site in the Zhambyl district of the Almaty region for the country’s first nuclear power plant (NPP).

The relevant decree, signed by Prime Minister Olzhas Bektenov, has been published on the legal acts database.

«To designate the Zhambyl district of the Almaty region as the construction area for the Nuclear Power Plant. This decree shall take effect on the date of its official publication,» the document said.

On Oct. 6, 2024, Kazakhstan hosted a national referendum on the construction of a nuclear power plant. At the time, President...

The European Union (EU) has prohibited organizations from third countries from operating with the Financial Messaging System of the Bank of Russia (SPFS), developed as an alternative to SWIFT, headquartered in Belgium. The National Payment Corporation of Kazakhstan (NPCK), a subsidiary of Kazakhstan’s National Bank, began cooperating with SPFS back in July 2024. However, it is unclear whether the two entities still cooperate.  

Kursiv.media has reached out to the regulator to inquire whether NPCK’s cooperation with the Russian SPFS is still ongoing and what the possible consequences are. At the time of publication, the National Bank has not responded.

The U.K. has imposed sanctions against Keremet Bank from Kyrgyzstan. The British government announced this decision on its website on Feb. 24. The Kyrgyz financial institution is already on the U.S. sanctions list, as all the bank’s efforts to challenge international restrictions have failed. 

According to the British Foreign, Commonwealth and Development Office, Keremet Bank has benefited from supporting the Russian government, citing this as the key reason for the sanctions. Even though British authorities haven’t disclosed any details of this cooperation, they stated that the financial institution has been operating within Moscow’s critical financial sector and providing services to...

The founder and CEO of Med365, a Kazakhstani automated medical examination equipment provider, Chingiz Kulakhmetov, announced that Kazakhstani drivers will soon have the opportunity to undergo an express medical examination at gas stations for around 20 cents. According to him, at the initial stage, the company is launching a system for examining taxi and intercity bus drivers, with future plans to expand the option to all drivers, Kulakhmetov told Kursiv Cars during the Freedom Practicum media event.   

The equipment provided by Med365, which conducts a medical check-up within one minute, is set to be installed at Kazakhstan’s gas stations...

Recent media reports allege that the name of the well-known online betting platform Olimpbet will be removed from Kazakhstan’s football league and tournament titles. The platform has been one of the major sponsors of Kazakh football, serving as an official partner of the Kazakhstan Premier League (KPL) and the Kazakhstan Football Federation (KFF).

In 2024, Kazakhstan introduced legislative changes affecting gambling and betting services. These new regulations imposed restrictions on betting companies’ advertising and limited their ability to sponsor sporting events. However, according to Olimpbet, its current agreement with the KFF remains in effect through the end of 2025.

Some...

Artificial intelligence (AI) is set to be used to create questions for the Unified National Testing (UNT) — a series of final examinations in Kazakhstan — stated Nursultan Makhatov, director of the Digitalization Department at the Ministry of Science and Higher Education, during a briefing at the Central Communications Service.

According to him, work on implementing five projects powered by national AI is currently underway.

«These include the AI Talapker chatbot, which will offer guidance on regulatory rules for the 2025 UNT, provide statistical information and answer questions about state-funded education enrollment,» Makhatov said.

He...

The Ministry of National Economy plans to prohibit the sale of apartments for cash, according to Serik Zhumangarin, the head of the agency, who announced this initiative on the Taldau Talks podcast.

«Currently, each residential building is registered as a separate LLC under the umbrella brand of a parent company. Additionally, apartments are sold through individual entrepreneurs. This is why we plan to address the issue within the Tax Code. Any company that constructs residential buildings must sell apartments under a B2C (business-to-consumer) model using cashless payments,» Zhumangarin stated.

The minister emphasized that the government...

István Tiborcz, the son-in-law of Hungarian Prime Minister Viktor Orbán and one of the country’s wealthiest individuals, is reportedly considering purchasing a Russian subsidiary of Austria’s Raiffeisen Bank International (RBI), according to the Der Standard newspaper. RBI nominally holds a 13.1% stake in the Kazakhstan Stock Exchange (KASE).

According to Forbes Hungary, Tiborcz has an estimated fortune of €370 million and ranks 15th among Hungary’s wealthiest people. He is married to Viktor Orbán’s daughter Ráhel Orbán.

Sources cited by Der Standard indicate that Tiborcz is engaged in negotiations with RBI, involving representatives from the Russian Central Bank and the administration...

Analysts at Kazakhstan’s National Bank have confirmed a stable relationship between money supply and inflation. According to their study, an increase in money supply leads to a rise in prices, with the effect becoming stronger in the long run.

According to the analysts, the impact of money supply on inflation has once again become relevant after the COVID-19 pandemic, as extensive measures to support global economies led to rapid price acceleration. The study revealed that a direct relationship between an increase in money supply and inflation exists in many countries, including Kazakhstan.

According to experts’ calculations, a 10% rise in...

The European Union (EU) has approved the 16th package of anti-Russian sanctions, coinciding with the third anniversary of Russia’s invasion of Ukraine. The new list of sanctioned entities includes several companies from Kazakhstan, as they allegedly support «Russia’s military-industrial complex.»

In addition, the EU has added 53 new entities to the list of those directly supporting Russia’s military-industrial complex in its war of aggression against Ukraine.

«A third of these entities are Russian, while the others are located in third countries (including China, Hong Kong, India, Kazakhstan, Singapore, Türkiye, the United Arab Emirates and Uzbekistan...

Foreigners’ funds will not be frozen after their payment cards expire in Kazakhstan, Inbusiness.kz reported, citing Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM).

The ARDFM previously limited the payment card validity period for foreigners to one year, with the change not applying to the already issued cards.   

«This amendment will not affect non-residents’ access to their funds, as bank accounts linked to bank cards remain operational after the cards expire. Banks notify clients of the expiration date in advance and allow them to manage their funds via their bank accounts,» the...

After the war in Ukraine broke out, the U.S. and the European Union began imposing sanctions on Kazakhstani companies suspected of shipping dual-use goods to Russia. Kursiv.media investigated the fate of 10 such companies, all of which are still operating in Kazakhstan.

Blacklisted Kazakhstani companies:

Kursiv.media attempted to contact all of these sanctioned companies. Six firms, which were sanctioned in 2023 and 2024, could not be reached by phone: the contact numbers listed online and...

Former world chess champion Magnus Carlsen revealed that during a chess tournament in Almaty, he had to escape to the mountains for fresh air to perform well.

While staying in the mountains outside the city, Carlsen was late for his match against Belarusian grandmaster Vladislav Kovalev. He started the game with a 2.5-minute delay in a format where each match lasted only three minutes, plus a two-second increment per move. Despite the delay, the Norwegian grandmaster defeated Kovalev and went on to win the tournament.

During a conversation with Joe Rogan on The Joe Rogan Experience podcast, Carlsen said, «The...

Daniyar Ashimbayev, a Kazakhstani political analyst, has weighed in on a high-profile claim made by Alnur Mussayev, the former chairman of Kazakhstan’s National Security Committee (KNB), who alleged that the Soviet KGB recruited American businessman Donald Trump in the 1980s. According to Ashimbayev, the claim is yet another example of a «global show of absurdity» and raises more questions than it answers.

Mussayev, who is wanted for treason and currently resides in Europe, recently stated that Trump allegedly became an undercover agent while Mussayev was serving in the Sixth Directorate of the USSR’s KGB. However, Ashimbayev pointed out that...

Standard & Poor’s (S&P) has affirmed Kazakhstan’s sovereign credit rating at BBB-/A-3, with a stable outlook, according to Kazakhstan’s Ministry of National Economy. The rating agency cited the country’s strong financial reserves as a key factor in mitigating potential external risks.

S&P forecasts that Kazakhstan’s liquid external assets will far exceed its external debt. Experts also anticipate that increased oil production at the Tengiz field will support the country’s economic growth.

The agency noted that midterm fiscal trends will depend on how strictly Kazakhstan adheres to its fiscal rules. Expanding the tax base and imposing restrictions on additional transfers...

Kazakhstan’s Supreme Audit Chamber (SAC) is set to scrutinize the activities of the Samruk-Kazyna national fund, Kazatomprom and the National Bank in 2025, the president’s office said in a statement.

The statement followed a meeting between President Kassym-Jomart Tokayev and Chairman of the SAC Alikhan Smailov. During the meeting, Smailov informed the president about the agency’s activities in 2024 and outlined plans for the current year.

Last year, the chamber inspected 214 entities, covering a total budget of approximately $22 billion. During that audit, financial irregularities totaling $1.7 billion were identified, and $270 million was returned to the state budget...

In 2024, the number of automated teller machines (ATMs) in Kazakhstan decreased by 0.6% year-on-year (YoY) to 12,569 machines. This decline is occurring while the cash-out share in the payment card transaction composition has stabilized. Kursiv Research is trying to figure out whether this is the end of ATMs as demand for their services is shrinking or just another pause before further expansion.

The decline in the number of ATMs in Kazakhstan is one of the consequences of growth in online banking services. According to Kazakhstan’s National Bank, cashless transactions accounted for 87% of all card transactions in Kazakhstan last...

Kazakhstan’s National Security Committee (KNB) has refused to investigate alleged information attacks against anti-LGBTQ members of parliament, according to KNB Chairman Yermek Sagimbayev’s response to a parliamentary inquiry.

Sagimbayev stated that the articles of the Criminal Code related to insults against MPs and information attacks do not fall under the KNB’s jurisdiction.

Earlier, a group of lawmakers from the Mazhilis, the lower house of parliament, claimed that their colleagues who had proposed banning «LGBTQ propaganda» had been subjected to insults and online attacks. In response, they called on the KNB to prosecute those responsible.

Additionally, MP Yedil Zhanbyrshin argued that...

Sanctions against Russia will not be lifted quickly following U.S. President Donald Trump’s inauguration, but their impact will likely diminish, according to Umut Shayakhmetova, CEO of Halyk Bank, one of Kazakhstan’s largest financial institutions. She made the remarks at the recent Women in Business forum in Almaty.

«I hope there will be a thaw and the war will end,» Shayakhmetova said during a session on macroeconomic trends and challenges. «One way or another, there is hope that all these military conflicts will eventually end. But sanctions will not be lifted quickly; it’s not a simple process...

Kyrgyz Prime Minister Adylbek Kasymaliev has called for the dismissal of two deputy ministers for taking unauthorized foreign trips. He also demanded that the minister of education explain why her trips to Austria and the U.K. yielded no results.

According to 24.kg, during a meeting with the presidential administration, Kasymaliev instructed the cabinet to fire Almaz Sokeev, deputy minister of agriculture, and Rasul Abazbek uulu, deputy minister of education for their unauthorized foreign travel.

Severe reprimands were also issued to Samat Nasirdinov, deputy minister of agriculture, who spent 81 days in Japan, and Asel Raimkulova, deputy minister of natural resources...

Former Chairman of Kazakhstan’s National Security Committee (KNB) Alnur Mussayev claims that the Soviet KGB recruited Donald Trump before the collapse of the USSR, assigning him the alias Krasnov. He shared this assertion on his Facebook page.

«In 1987, I served in the Sixth Directorate of the KGB in Moscow. Our primary mission was recruiting businesspeople from capitalist countries. That year, our directorate recruited Donald Trump, a 40-year-old American businessman, under the pseudonym Krasnov,» Mussayev wrote.

He acknowledged that the idea of a U.S. president being a spy or an agent of influence for an...

In January, the volume of railway shipping between Kazakhstan and China increased by 18%. During that period, the two countries exchanged 2.8 million tons of goods, which represents a 25% increase compared to last year.

According to Kazakhstan Temir Zholy (KTZ), the national railway company, the Dostyk border crossing reported a 12% increase in January, reaching 1.5 million tons.

«The Altynkol border crossing reported 1.3 million tons of cargo transported through the point, marking a 25% increase over January 2024. The export of Kazakhstani goods to China grew by 5%, reaching 1.1 million tons. This means...

According to Vesti.kg, Kyrgyzstan is dissatisfied with Russia’s new migration rules. Despite being a member of the Eurasian Economic Union (EEU) alongside Armenia, Belarus, Kazakhstan and Russia, Kyrgyzstan receives many complaints from its citizens who face various bureaucratic hurdles in Russia.

Almaz Imangaziev, deputy minister of foreign affairs of Kyrgyzstan, has presented an official note to Sergey Vakunov, Russia’s ambassador to Kyrgyzstan, addressing the challenges Kyrgyz migrants face in the Russian Federation.

During his meeting with Vakunov, Imangaziev highlighted the difficulties migrants encounter when entering Russia and registering with migration authorities.

The official emphasized that Russia’s introduction of a new...