Ukraine reached an agreement with a group of its creditors to restructure its debt and avoid a looming default. The investors will accept a 20% write-off on the estimated $18 billion in debt on the country’s bonds and accept a freeze on repayment for the next four years. The Ukrainian finance ministry has lauded the…
Iran will resume diplomatic relations with the United Kingdom following a two year hiatus. The two countries have agreed to reopen embassies in London and Tehran and to begin to work toward a stronger commercial relationship. Seemingly in accordance with this policy, Iran announced that it would open two new banks in London: the Melli…
Kazakhstan continues to feel the consequences of both a prolonged slump in global oil prices and China’s devaluation of the yuang. The drop in oil prices to below $50/ a barrel has led Sino-Kazakh drilling company Velikaya Stena to lay off more than 200 employees in an effort to cut costs. The layoffs are partially…
The Kyrgyz economy grew by more than 7% between January and July 2015, according to the Kyrgyz National Statistical Committee. The report alleges that the growth was driven principally by a spike in industrial production and increased investment in its manufacturing industry, which already makes up more than 40% of the Kyrgyz economy. The report…
China’s recent 1.8% devaluation of the yuang triggered a 2.3% drop in the Russian ruble and lowered the global price of oil to below $50 a barrel. The devaluation has worsened the value of the slumping ruble, the results of which have been described in mixed terms by China-Russia analysts. While some allege that the immediate impact…
The Iranian government plans to release new oil contracts by the end of 2015, according to Iranian Minister of Petroleum Bijan Zangeneh. The announcement will come at a year-end conference in London, the minister said, and will include at least 50 new oil and gas projects worth an estimated $185 billion. The contracts will form…
Kazakhstan’s national wealth fund announced the sale of a 10% stake in state energy company KazMunaiGas (KMG). The move is being described as an unusual yet necessary action given the downturn in the Kazakh economy engendered by persistently low oil prices. The transaction was seemingly made in order to increase liquidity in the state-run oil company and…
Kyrgyzstan will hold parliamentary elections on October 4 of this year. Currently more than 30 parties have already declared their eligibility for the elections and will compete for 120 seats in the Jogorku Kengesh, the Kyrgyz parliament and one of the most “dynamic” legislative bodies in the region. Elections in Kyrgyzstan have a relatively positive…
The Ukrainian constitutional court today ruled that a bill proposing greater decentralization of power in Ukraine does not contravene the constitution. The new bill, proposed by Ukrainian President Petro Poroshenko earlier this month, would allow each of Ukraine’s regions greater flexibility and create a “separate law” which would be used to govern the regions currently…
EU Foreign Minister Federica Mogherini is currently in Tehran to hold talks with Iranian leadership there. The two sides will hold talks concerning how the nascent nuclear deal will be implemented, as well as on potential areas of cooperation. Iranian Foreign Minister Javad Zarif has indicated that energy, human rights and regional security concerns such…
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