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Kazakh President Warns Of Impact Of Ukraine Sanctions


Kazakh President Nursultan Nazarbaev said sanctions and trade restrictions stemming from the Ukraine crisis would hamper the economic growth of Kazakhstan's partners.

Kazakh President Nursultan Nazarbaev said sanctions and trade restrictions stemming from the Ukraine crisis would hamper the economic growth of Kazakhstan's partners.

Kazakh President Nursultan Nazarbaev has said further escalation of the crisis in Ukraine could hurt Kazakhstan's economy.

Nazarbaev made the comments in a speech to parliament on September 2.

He said sanctions and trade restrictions stemming from the Ukraine crisis would hamper the economic growth of Kazakhstan's partners, which include Russia, and that this would eventually affect Kazakhstan's economy.

Nazarbaev said "mutual sanctions by states that produce a total of 60 percent of global GDP" will lead to "serious adjustments and changes in the existing economic relations and world order."

Rusia retaliated to sanctions imposed by the European Union by banning many EU food imports last month.

Kazakhstan, Russia, and Belarus are partners in a customs union and have agreed to form a Eurasian Economic Union, which is scheduled to start functioning in January 2015.

Based on reporting by Interfax and ITAR-TASS
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