Kazakhstan may get control in the Eurasian Development Bank instead of Russia

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Russia wants to reduce its stake in the Eurasian Development Bank (EDB) below the control so that it does not fall under sanctions, reports Bloomberg with reference to sources. Control in the bank may pass to Kazakhstan.

The EDB is an international organization created to promote the economic growth of its member states. Its members are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. In the authorized capital of the bank, Russia owns 66%, Kazakhstan – 33%, Belarus – 1%, the share of other countries is even less.

According to Bloomberg, Russia and Belarus want to reduce their combined share in the EDB’s authorized capital below 50%. The press service of the bank declined to comment. The Ministries of Finance of Kazakhstan and Russia have not yet commented on the information.

The EDB countries did not support the anti-Russian sanctions imposed by the West in response to the military operation in Ukraine. However, in July, the Ministry of Finance of Kazakhstan published a draft order de facto restricting the supply of certain types of goods to Russia due to sanctions. Kazakhstan is also expanding cooperation with the EU.

About the complication of Russian-Kazakh relations – in the material “Kommersant” “Between sanctions and the EAEU”.

Laura Keffer

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