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…

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…

Rail links from Europe to China in development

A report from Dutch bank Rabobank has extolled the possibilities in boosting trade between Europe and China via overland rail link going through Central Asia. The rail networks connections would be collectively known as the Yu-Xin-Ou Railway, and the Radobank report notes that the demand for European fruit, vegetables, dairy, and meat would drive trade…

Russian cruise missiles land in Iran, sparking incident

Four Russian cruise missiles intended for launch into Syria, landed in Iran instead. Russian officials hastily released a statement saying that the missiles did not cause any damage and instead focused on the 26 other missiles at 11 targets in northern Syria, reiterating that those hit all their targets. NATO members, in particular border nation…

IMF encourages economic reform in Iran post-sanctions

Already, Iranian officials are planning for the new post-sanctions economic order, but many obstacles remain in their path. The first is the impact of low oil prices – which severely hampers the short term revenue that can be raised from re-entry into the global oil markets. The second is the sanctions relief schedule, which is…