The Central Asian Energy System (CAES) was designed and built during the Soviet period, when political borders and sovereignty issue were not an obstacle to ensure parallel operation of national energy sectors. Resource sharing mechanism ensured stability and reliability of energy supplies to meet population and economic needs.
The Eurasian region gained special importance after the collapse of the Union of Soviet Socialist Republics. The region attracts the attention of the great powers with its socio-economic, cultural, political and security aspects and the energy resources it possesses.
Over the last two decades, the banking sector has expanded significantly in the economy of Kazakhstan. The highest development in the banking sector took place in the period between 2000 and 2008 (until 2008 world economic crisis). At that period, growing oil prices and cheap funding in external financial markets had positive effects on the country’s banking sector.
As an energy-rich developing country, Kazakhstan is deeply concerned over its ability to provide sufficient energy supply for sustainable economic growth. Kazakhstan’s energy mix is still dominated by fossil fuels. (Karatayev & Clarke, 2014) According to the Kazakhstan Electricity Grid Operating Company (KEGOC), in 2015 the lion share or 81.6% of electricity produced in Kazakhstan was generated from coal.
The first official reaction that came from Russia after Donald Trump’s victory over Hilary Clinton in the U.S. presidential election, demonstrated Moscow’s deep conviction that the President-elect would contribute to the fundamental reshape of the Russian-US relations, recognizing Russia as an equal partner.
2016 turned out to be the hottest year on record. Moreover, with 2014 and 2015 previously winning the title of the hottest year, 2016 becomes third one in a row. Besides, 16 out of 17 hottest years on instrumental temperature record took place in the 21st century. The sixth place belonging to 1998 along with 2009 (NOAA, 2016).
In March-April of 2014, the US and the European Union countries, Canada along with Australia and Japan imposed sanctions on Russia over Ukrainian/Crimean crisis. These sanctions mostly targeted Russian arms, energy and financial state-owned entities and Russian officials. It is important to note that the military, financial and energy sectors are the most important sectors in the Russian economy.
The yearly meeting of the Supreme Eurasian Economic Council was held in St. Petersburg on December 26, 2016. The Presidents of Russian Federation, Kazakhstan, Kyrgyzstan and Armenia reviewed the work conducted by the Supreme Eurasian Economic Council since the creation of the union and made an overview of the main objectives to be reached 2017. This is the second meeting of the Supreme Eurasian Economic Council and Kazakhstan holds the chairmanship of the Council in 2016.
On December 23, 2016, the Bloomberg news agency reported that the Kazkommertsbank, which is the biggest commercial bank in Kazakhstan, is in trouble and borrowed 400 billion tenge from the National Bank of Kazakhstan (NBK) to deal with its liquidity problems.
Since independence in 1991, Uzbekistan has declared the protection and preservation of the historical and cultural heritage as a fundamental principle of its public policy. In order to secure its rich ancient history, Uzbekistan pursues a policy of protecting its cultural and historical heritage, which is reflected in the Constitution of the Republic.