🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Kazakhstan tightens controls over trade with Russia

Published 03/27/2023, 05:00 AM
Updated 03/27/2023, 05:10 AM
© Reuters.

ALMATY (Reuters) - Kazakhstan said on Monday it would require exporters to file additional documents when sending goods to Russia, following reports that Russian companies have been using local intermediaries to bust Western sanctions.

Russia is Kazakhstan's main trading partner and after the West barred sales of thousands of goods to Moscow over its invasion of Ukraine, some Kazakh businesses started purchasing such items and reselling them to Russian firms.

The Astana government, however, has pledged to uphold the sanctions, and said on Monday that the new rules, effective from April 1 and applying to exports within the Russia-led Eurasian Economic Union, would reduce "underground" trade.

"(The procedure) rules out the filing of documents by figureheads, fake senders or recipients," it said in a statement.

Kazakh exports to Russia jumped by a quarter last year, and Kazakh businessmen say a move by Turkey to crack down on Russian "parallel imports" had prompted a fresh wave of requests from Russians seeking goods they cannot purchase directly.

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.