Another stab in the back of the Russian Federation: Kazakhstan withdraws from the CIS agreement on the currency committee

Tokayev withdraws the country from the CIS agreement on the currency committee / photo REUTERS
Tokayev withdraws the country from the CIS agreement on the currency committee / photo REUTERS

Kazakhstan withdraws from the 1995 Commonwealth of Independent States (CIS) agreement on the Interstate Monetary Committee.play video

This is stated in the decree of the President of Kazakhstan Kassym-Jomart Tokayev, local media report .

“Approve the protocol on the termination of the agreement on the establishment of the Interstate Monetary Committee dated May 26, 1995, made in Minsk on October 25, 2013,” the decree says.

The document has already entered into force.

It should be noted that the committee was created to promote the organization of multilateral cooperation in the field of currency payment and credit relations, the convergence and improvement of currency legislation affecting multilateral settlement and credit relations, the development of forms and methods for coordinating the monetary and foreign exchange policy of the member states of the agreement on the creation of a payment union of CIS member states, as well as cooperation and implementation of coordinated actions in matters of currency control.

Deterioration of relations between Kazakhstan and Russia 

Tokayev’s statement about the need to diversify oil supplies came amid a decision by a Russian court to halt the operation of the Caspian Pipeline Consortium for 30 days. 

This company accounts for 80 percent of oil exported by Kazakhstan, including from the Tengiz field. The reason was called environmental violations, such as improper documentation of the oil spill response plan. As of July 6, the export of raw materials continued, CPC is appealing the decision in court. 

Last month, Russia stopped the shipment of Kazakh oil through the terminal of the Novorossiysk port (which is used by CPC). The reason was mine clearing from World War II mines.

Problems in the work of the CPC began to arise after Tokayev, during his visit to the St. Petersburg International Economic Forum (SPIEF),  announced the impossibility of recognizing the so-called “Donetsk People’s Republic” and “Luhansk People’s Republic “. And also after the Ministry of Finance of Kazakhstan published a draft order prohibiting the supply of goods to Russia and Belarus that fell under Western sanctions. 

Also on the eve of Kassym-Jomart, Tokayev instructed the national oil and gas company to arrange oil sales bypassing Russia.

(C)UNIAN 2022 

10 comments

  1. Vlad, the genius! Who would have thought that their relationship would go to shits so fast, especially since after what happened in January? I’m absolutely certain, that the little runt is furious about all of this! And, it makes it worse that there’s absolutely nothing he can do about it. He is already backed up against a wall with Ukraine (despite the pure garbage he said yesterday about barely getting started).
    I’m waiting for the other CIS members soon taking the exit on stage left…

    Liked by 5 people

  2. Kazakhstan, genetically, as well as culturally, is far closer to China than Russia. Prepare to see Kazakhstan take a hit as China presses Russia for territory in Russia’s far east… “Offers Russia cannot refuse” will be given by China.
    Russia is waning, and unless it consolidates to west of the Urals, it may well be many small, but distinct nations. Russian history will forever put this shame on the head of “Putin the Sick”.

    Liked by 2 people

Leave a Reply to Is the West Undervaluing Kazakhstan? Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.