Fed up with the West’s economic war on a third of all nations through sanctions, a new group opposing these measures is emerging. Recently, Russian billionaire Mikhail Fridman, who’s been hit with sanctions, hired Tony Blair’s wife to fight a lawsuit against Luxembourg for freezing his assets. Meanwhile, banks like UniCredit and Raiffeisenbank are challenging these sanctions in court. Now, Kazakhstan is shaking things up by defying international sanctions against Russia and focusing on its own economic needs instead of following global restrictions. Earlier, GreatGameInternational provided you intel on how these billions of dollars of stolen Russian assets are being diverted by a Brussels-based clearing house.
Kazakhstan is making waves by breaking away from international sanctions aimed at Russia, prioritizing its own economic needs over global restrictions. The country, which is the world’s biggest landlocked nation, is choosing to protect its local businesses and deepen its trade relationships with countries like China and Iran.
Serik Zhumangarin, Kazakhstan’s deputy prime minister and trade minister, has made it clear that Kazakhstan won’t blindly follow sanctions if they harm its domestic companies. He says the country will not allow its businesses to be cut off from trading just because of international rules.
Kazakhstan has been in a tricky spot. On one side, it’s part of a customs union with Russia and relies heavily on trade with its neighbor. On the other, it’s facing pressure from Western countries who have imposed sanctions on Russia for its invasion of Ukraine. These sanctions have severely affected Russia, and Kazakhstan is feeling the pinch too. For example, the sanctions have hurt Kazakh companies like Eurasian Resources Group, which used to sell iron ore pellets to Russia but now struggles because of trade restrictions.
Despite these challenges, Kazakhstan is expanding its trade ties elsewhere. China has become Kazakhstan’s largest trade partner, while trade with Russia has dropped. The country is also becoming a key transit hub for European goods going to Russia. Kazakhstan has found ways to work around payment issues with Russia, using non-sanctioned banks and national currencies for transactions.
Kazakhstan is now focusing on building stronger trade routes with China and exploring new paths through Iran. The country is working on increasing the number of dry ports linking it to China and finding alternative routes to avoid the congested Russian ports. However, many of the items Kazakhstan wants to trade with Iran are also covered by sanctions, making it a complex situation.
The government of Kazakhstan is trying to balance the need to grow its economy with the pressure from international sanctions. They’re seeking concessions from Western countries to allow more flexible trade with Iran and are pushing ahead with their plans despite the obstacles.
Kazakhstan’s bold stance is making headlines as it navigates a challenging global landscape, aiming to keep its economy strong while dealing with the fallout of international sanctions.
