Kazakhstan rejects ‘blindly’ obeying anti-Russian sections
Date
8/22/2024 8:08:37 AM
(MENAFN) Kazakhstan has declared that it will not "blindly follow" international sanctions imposed on Russia, particularly when such measures adversely impact its own economic interests. In a statement to Bloomberg, Serik Zhumangarin, Kazakhstan's Deputy Prime Minister and Minister of Trade and Integration, emphasized that the Central Asian nation will resist implementing certain restrictions that could harm its domestic businesses.
Zhumangarin specifically mentioned that Kazakhstan will not enforce a ban on the export of ball bearings to Russia. These components, categorized as dual-use materials due to their potential military applications, are produced by a local Kazakh plant that serves markets in Eastern Europe and former Soviet states. The minister argued that adhering to such bans would unduly restrict Kazakh producers from participating in international trade.
While Kazakhstan intends to comply with most sanctions to avoid secondary penalties, Zhumangarin pointed out that some Western sanctions have inadvertently harmed Kazakhstan's economy. For instance, the sanctions affecting dual-use products have disproportionately affected Kazakh enterprises, with limited support or compensation from Western governments.
The trade minister also highlighted the financial impact on Kazakh companies like Eurasian Resources Group, which has suffered significant losses due to restrictions on iron ore pellet sales to Russia. The shift to domestic sales has led to reduced profits for Kazakhstan, benefiting those targeted by the sanctions instead.
Kazakhstan's stance reflects its complex position as a neighbor to Russia with substantial economic ties, navigating the fine balance between international sanctions and national economic interests.
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