Ruble, tenge continue to slide as oil declines to record low

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…

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Iran and Saudi Arabia break diplomatic ties

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…

Ukrainian power systems disabled by cyber attack

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…

Russia to halt purchasing natural gas from Turkmenistan

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…