Risky Business: The U.S. Should Rethink Business With Kazakhstan

Chairman of The Bridge Tank, Joël Ruet, writes:

“Kazakhstan, a strategically significant Central Asian country, has lobbied extensively to attract foreign funds, but the behavior of its kleptocratic officials and government corruption have raised alarm bells for many investors … In 2013, for instance, a Swedish arbitration panel ruled that the Kazakh government had illegally seized assets from Tristan Oil — a company backed in part by the American investment fund, Argentem Creek Partners. It awarded $500 million to Tristan Oil’s owners, but Kazakhstan has continued to fight tooth and nail, using all means possible, to keep the funds from being disbursed. In February 2022, an Italian Supreme court decision recognized the Award again, paving the way for further enforcement efforts. The fight will likely go on until Kazakhstan decides to recognize its obligations — with the new regime yet to comment on whether they intend to settle.”