The dollar surged upwards today, creating new lows for both the Kazakh tenge and the Russian ruble since the 1998 Asian financial crisis. News of further economic slowing in China caused Brent crude oil benchmark prices to decline almost 2.5% to nearly $31, its lowest point in twelve years. As both countries’ main exports are…
After the execution of a prominent Shiite cleric on Saturday by Saudi Arabian officials, it seems that despite the passage of the landmark nuclear deal with the West, Iran’s Arab neighbors are cutting themselves off diplomatically and maybe, economically. After major protests in Tehran after the cleric Nemer al-Nemer’s execution, where crowds burned the Saudi…
Hackers allegedly linked to Russian security services were reportedly behind attacks on the Ukrainian power grid that caused black outs in the capital region and throughout western Ukraine. According to officials that have analyzed samples of BlackEnergy, the code used in the attacks, control systems used to “coordinate remote substations were disabled” in the attack. A…
Russian state-owned natural gas company Gazprom has announced the cessation of purchasing agreements with Turkmenistan for its primary export, a huge blow to Turkmenistan’s economy. The decision, according to a statement from Turkmengaz, was a result of “changing conjunctures on the international gas market, as well as particular economic and financial issues arising at Gazprom…
Following a series of protests stemming from the execution of a well-known Shiite cleric and critic of the Saudi Arabian government, Saudi Arabia, Bahrain and Sudan have cut diplomatic relations with Tehran and ordered its diplomats to leave their countries. The latest row between the preeminent Sunni and Shiite Muslim authorities is likely to portend…
Eurasianet is reporting that Central Asian countries are spurning all anti-terror coalition suitors, believing that they have little to gain by picking a side, including that of Russia and the U.S. in addition to the Saudis. When Saudi Arabia announced about creation of a 34-member coalition with majority of Muslim states, it lacked post-Soviet states.…
Ukraine’s parliament voted for the bill allowing the Cabinet of Ministers to impose tit-for-tat sanctions against Russia. The amendment to the law of Ukraine on International Business Activity authorizes economic penalties against Russia in response to discriminatory actions of the aggressor state. 291 MPs, that is more than necessary number of lawmakers (226) voted in…
Iran is shipping its stockpile of enriched uranium to Russia, a major step to comply with the nuclear deal struck between the P5+1 Powers and Iran. According experts and diplomats following and overseeing the deal, this will leave Iran with too little fuel to manufacture a nuclear weapon. The shipment was announced by US Secretary…
Investment in hydroelectricity in Kyrgyzstan has come to a standstill and the government has announced that it is courting new investment partners. A new report published by The Diplomat and a recent government announcement indicate that the country will look beyond Russia, its traditional partner in hydroelectric development, for financing due to ambiguous signs coming…
Georgian Prime Minister resigned on Wednesday after two years in the office, just a year before an upcoming parliamentary election. In a televised address to the nation, Irakli Garibashvili gave no specific reason for the decision, saying the prime minister’s position was never an end in itself, but an opportunity to serve the country and…
The Obama administration tightened economic pressure on Russia over its intervention in Ukraine by imposing further sanctions on some Russian individuals and companies. Most of the targeted groups were associates or bank subsidiaries of people and companies already sanctioned before by the Treasury Department’s Office of Foreign Assets Control. The group includes 34 people or…
On Monday, Azerbaijan’s Central Bank abandoned its peg to the dollar, allowing its currency to tumble by almost a third of its total value, dragged down by the consistently lower price of oil benchmarks. Against the US dollar on Monday morning, the manat was trading 32.3% weaker. The CB released statements soon afterwards, specifically citing…
In accordance with the government meeting’s decision, Ukraine will suspend trade with Crimea within 30 days. As the Prime Minister Arseny Yatseniuk said the suspension will include goods, work and services to and from Crimea with the exception of personal items, socially important foods and humanitarian aid. However, the electricity issue is considered as separate,…
International Atomic Energy Agency (IAEA) completed its 12-year investigation on Iran’s development of nuclear weapons, which was a precondition for lifting UN, US and EU sanctions on Iran. The IAEA concluded that Iran conducted research related to nuclear weapons until 2003 and to a lesser extent in 2009, but the agency said that the activities…
An EU official told RFE/RL that the EU plans to extend sanctions against Russia when EU ambassadors gather for a meeting slated to take place on December 21. The sanctions to be officially extended until July 31, 2016 target Russia’s financial, oil and military sectors as well as specific individuals. A December 14 meeting of…
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