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On January 9, 2023, the Amsterdam District Court denied the request by Anatolie Stati, Gabriel Stati, Ascom Group S.A. and Terra Raf Trans Traiding Ltd. for exequatur of a $530 million arbitral award, according to the Ministry of Justice of the Republic of Kazakhstan.

On 24 December 2021, the Supreme Court quashed an earlier decision of the Amsterdam Court of Appeal granting the exequatur and referred the matter to the Amsterdam District Court. After an interim judgment from the Amsterdam District Court on 3 May 2022, Kazakhstan was given the opportunity to further substantiate its claim that the arbitral award...

The National Bank of Kazakhstan has published a draft decree about the renunciation of the agreement between the government of the Russian Federation and the Bank of Russia on the one side and the government of the Republic of Kazakhstan and the National Bank of Kazakhstan on the other side, on measures aimed at providing mutual convertibility and the stable exchange rate between the Kazakhstani tenge and Russian ruble.

The agreement, signed on January 20, 1995, in Moscow, required Kazakhstan and Russia to take all necessary steps toward making the tenge and ruble mutually convertible and stabilize their exchange rate...

According to the Bureau of National Statistics, the secondary housing market in Kazakhstan went down in December 2022. This was the first time since March 2018 that prices on the secondary market have plunged.

«The price decrease was reported in Astana (by 5.1%), Shymkent (by 2.7%) and Aktau (by 1.6%),» the agency said in a statement.

At the same time, data showed a 1.6% decline in rental payments in December compared to November 2022.

However, prices in the primary housing market increased by 0.4%.

«Over the period from December 2021 to December 2022, real estate prices rose by 21.6% for...

According to Azamat Kurimbayev from the Committee of Administrative Police under the Ministry of Internal Affairs, the authorities have increased charges for those who use strong language in a public place, the Almatyapat Telegram channel reported.

«Under the upgraded rules, those who use strong language in a public place will be charged with a $150 fine or up to 30 days in custody,» the official said.

In the updated version of the Administrative Offences Code, profane terms in a public place and offensive and annoying behavior toward individuals are going to be considered petty crimes.

The same rule of the...

On December 29, 2022, the government of Kazakhstan adopted a debt limit restriction at 53.5% of the gross domestic product (GDP). The document is set to enter into force ten days after it went public.

Also, the government has set the debt ceiling for the country’s quasi-state sector at 21.2% of the GDP. «The upper debt limit doesn’t include mutual liabilities of entities controlled by the government and liabilities of non-resident controlled entities,» the document said.

At the same time, the foreign debt of the government – including debt guaranteed by the government and external debt of the quasi-state sector...

In 2022, the Ukrainian GDP declined by 30.4% because of the Russian invasion. Despite all the hardships of the war, it is a more positive result that was expected in the early days of the war in February 2022, according to the country’s Ministry of Economy.

In 2021, the GDP of Ukraine rose by 3.4%. In the first quarter of 2022, the rate decreased by 15.1% over the same period in the previous year. In the second quarter, the GDP dropped by 37.2%, followed by 30.8% in the third quarter.

«Last year has been the worse year for Ukraine’s economy...

According to the National Bank of Kazakhstan, the government has suspended the ban on the withdrawal of the Russian ruble. Even though the document was signed by Prime Minister Alikhan Smailov on December 28, this information went public only on January 4.

The cabinet’s decree has already entered into force and will last 60 calendar days. The Ministry of Finance and the Committee on National Security are set to supervise its implementation.

The National Bank noted that the decision to allow the withdrawal of rubles from Kazakhstan has been driven by the need to convert the ruble into non-cash form...

Food Solutions KZ’s fast food chain is set to stop working under the McDonald’s brand in Kazakhstan because of «a shortage in supplies,» the company said in an official statement.

However, Food Solutions KZ is going to restart its restaurants under a new name. The announcement will be issued «soon,» it said.

«Once the chain’s restaurants are reopened, our guests will be offered high-quality products, a diversified menu and hospitable service. Our fast food restaurants are going to continue working under high standards and principles of business conduct,» the company said in a statement.

The first restaurant under the McDonald’s...

According to Prosecutor General Berik Asylov, the former head of the National Security Committee (KNB) is the one who was behind the unrest. The official also noted that perpetrators had been preparing for the unrest long before it happened in January 2022. Now, Karim Masimov and his deputies are the key individuals involved in this criminal case.

When Asylov was asked by a journalist if Masimov is the key organizer of the January unrest, he gave a positive response.

However, while talking about Samat Abish, a nephew of Ex-President Nursultan Nazarbayev and a high-ranking KNB officer, Asylov wasn’t so confident...

KazTransOil, the national oil pipeline company in Kazakhstan, has increased a tariff for Russian oil that goes to Uzbekistan through Kaztransoil pipelines from $25.12 per ton of oil to $27.90 per ton. The new tariff will enter into force on February 1, 2023, according to the Kazakhstan Stock Exchange (KASE).

«KazTransOil is announcing that by Order No. 154 signed by the director general on December 27, 2022, the company imposes a new tariff of $27.90 (VAT excluded) per ton for the transportation of Russian oil to Uzbekistan through Kazakhstan’s territory. This tariff is entering into force on February...

President Kassym-Jomart Tokayev discharged Minister of Ecology and Natural Resources Serikkali Brekeshev, Minister of Education Askhat Aimagambetov, Minister of Culture and Sport Dauren Abayev, Minister of Industry and Infrastructural Development Kairbek Uskenbayev and Minister of Justice Kanat Musin, according to the president’s press service.

On the same day, Tokayev signed the edict on the assignment of Zulfiya Suleimenova, Gani Beisembayev, Askhat Oralov, Marat Karabayev, and Azamat Yeskarayev as new ministers of ecology, education, culture and sport, industry and infrastructural development and justice, respectively.

Zulfiya Suleimeniva was born in 1990 in Aktobe. She graduated from Eurasian National University in Astana and...

President Kassym-Jomart Tokayev announced his plans to make staff changes in the cabinet next year. He made the statement while giving a speech in the Senate (upper house of the parliament).

«I am going to make some staff changes in the cabinet in early January after consultations with the prime minister,» the president said. He noted that the speed of the current cabinet’s work was too slow.

Tokayev said that the cabinet is quite passive regarding critical issues for the country. The president wants the cabinet to increase its efficacy.

On December 14, Alikhan Smailov told to the cabinet that...

Fergana Oil Refinery has produced a trial batch of A-1 jet fuel for gas turbine engines deployed on Airbus and Boeing aircraft, according to the country’s Ministry of Energy.

The fuel has been tested by the Russian Scientific Research Institute of Oil Refining and certified by the Uzbek Agency for Technical Regulations.

«Given that the government announced the goal to turn Uzbekistan into an international transportation hub, the Fergana Oil Refinery is ready to become a reliable supplier of high-quality fuel. We will provide all local airports with kerosene-type jet fuel soon. As a result, any foreign aircraft will be...

Magnus Carlsen, a 32-year-old grandmaster from Norway has become a Rapid World Champion during the international chess tournament in Almaty, according to the Chess Federation of Kazakhstan.

Carlsen scored 10 points, while his opponent Vincent Keymer, an 18-year-old chess grandmaster from Germany, has taken second place with 9.5 points. Fabiano Caruana, a 30-year-old chess player from the U.S. has ranked third. He also scored 9.5 points.

Kazybek Nogerbek showed the best result among Kazakhstan’s chess players. He scored 8 out of 13 points and took 35th place.

In the women’s rapid match, the best result has been demonstrated by Tan...

The law on the first president is going to be annulled in Kazakhstan. Members of the Mazhilis (the lower house of the parliament) have started reviewing the corresponding draft law. 

According to Arman Kozhakhmetov, chairman of the Committee on Legislation and Judicial and Legal Reform of Mazhilis, the document is going to implement all those amendments that have been added to Kazakhstan’s constitution.  

«The amended constitution no longer includes Clause 4 of Article 46 of the constitution that regulated the status and authorities of the first president of the country,» he said at the plenary session of Mazhilis.

As a...

On December 28, the country’s parliament adopted a set of amendments to the current legislation, including limitations on electricity consumption by digital miners and a ban on cryptocurrency exchanges. The new draft law adopted by the MPs is an annex to the law on digital assets.

According to MP Ekaterina Smyshlyaeva, who presented the draft law in the Mazhilis, the main goal of the document is to protect the national power grid system from unregulated digital mining. Digital miners are no longer able to buy electricity directly from the national power grid system. They have to rely only on renewable...

Kazakhstani company M Holding Ltd. is going to buy the trading and entertainment center Metropolis in Moscow. The Federal Antimonopoly Service of Russia has already approved the deal, noting that it won’t affect the commercial property market in the country.

M Holding Ltd. was established in Astana in July 2022 and is controlled by Capital Partners, one of the biggest development companies in Kazakhstan. The current head of M Holding Ltd. is Erzhan Tsenov, a prominent manager in Kazakhstan. Over many years, he worked as executive director in different companies, including Capital Tower Development and Esentai Tower Investments.

The...

According to its press service, Kazatomprom has placed short-term coupon bonds on the Kazakhstan Stock Exchange (KASE). 

The nominal value of each of the 500,000 bonds is $100. The maturity is 30 days and the yield to maturity is 4.6%.

On October 27, 2022, the board of directors of Kazatomprom approved the decision to issue bonds for $200 million. The issuing and placement of bonds are set to happen any moment the company needs additional liquidity.

In the first half of the year, Kazatomptom reported a decline in uranium output by 3.6% to 10.07 thousand tons.

The company paid...

The Agency for Protection and Development of Competition of the Republic of Kazakhstan is worried about the win of Mobile Telecom Services and Kcell, Kazakhtelecom’s two subsidiaries, during bids over 5G frequencies. The agency says that these results carry the risks of monopoly and tariff increase, according to Rustam Akhmetov, first deputy head of the antimonopoly agency.

«We aren’t happy with the bid’s results. First of all, we see a growing risk of monopolization. There is no chance for any private operator to emerge in the market. Second, we have lost an opportunity to get private investments and now all...

On December 25, the World Chess Championship started in Almaty’s Palace of Culture and Sports named after Baluan Sholak. According to the Chess Federation of the Republic of Kazakhstan, the tournament’s prize fund is $1 million.

The tournament organized by FIDE and the Chess Federation of Kazakhstan attracted leading chess players from 50 countries. It will last until December 30, 2022.

During the official opening ceremony, Minister of Culture and Sports Dauren Abayev read out the letter from President Kassym-Jomart Tokayev. The president praised the recent success of Kazakhstan’s chess players and underscored that «this success aspires the young generation...

President Kassym-Jomart Tokayev of Kazakhstan and President Shavkat Mirziyoyev of Uzbekistan have agreed to facilitate mutual trade, according to a joint statement the two sides made after negotiations at the top level in Tashkent.

While giving a speech, President Tokayev said that thanks to the joint efforts of the two governments, the turnover between Kazakhstan and Uzbekistan is going to reach roughly $5 billion this year.

The main priority for the two sides is the expansion of industrial cooperation. There are already ten joint Kazakhstani-Uzbekistani ventures that operate in the spheres of machine building, pharmaceuticals, construction and textiles. Now, the...

Halyk Bank Kazakhstan has sold its 100% share in Moskommertsbank, according to Kazakhstan Stock Exchange (KASE).

In an official press release, the bank said the decision followed a comprehensive analysis of Moskommertsbank operations and its outlook in the Russian market. The bank accounted for 2% of the entire business of Halyk Group.

«We are going to put our major efforts and resources into projects that have good potential for growth and can generate a high level of profit. We are trying to focus on the most promising directions of the business. This is the strategic principle for Halyk Group,» the...

During the auction for a prospecting license at the Bozoba field in the Aktobe region, the license price skyrocketed to 300 times more expensive than the starting price.

The starting price for a land parcel of 132.14 square kilometers was $123,756. Over the course of the auction, it reached $37.9 million. The prospecting activity at the land can’t exceed six years for some parcels or nine years for parcels where implementing exploration is problematic.

The government has already closed auctions for nine out of 34 fields. In some cases, auctions are still in progress. For instance, the Severo-Pridorozhnoe field (the...

Popeyes, an American fast-food chain, is going to open tens of restaurants in Kazakhstan, according to Eldar Abdrazakov, a Kazakhstani businessman and head of Centras Group, a company that has been granted exclusive rights to represent the chain in Kazakhstan.

«We’re excited to introduce our brand in Kazakhstan with Eldar Abdrazakov, a highly reputable local investor. This is the first deal for Popeyes in Central Asia, representing a gateway for the region and opening-up new expansion opportunities for the brand in the coming years,» said Thiago Santelmo, President of RBI EMEA, parent company of Popeyes, Burger King, Tim Hortons and...