Kazakh President Kassym-Jomart Tokayev says order has been restored. Even if that’s true, major oil and gas investors may suffer populist fallout. Paradoxically, high prices provide some cover against hasty renegotiation of contracts, writes dasha_reuters
Security forces appeared to be in control of the streets of Kazakhstan’s main city Almaty on Jan. 7 and President Kassym-Jomart Tokayev said constitutional order had mostly been restored after an uprising sparked by higher fuel costs.
Russia sent paratroopers to Kazakhstan on Jan. 6 to help put down a countrywide uprising after deadly violence spread across the tightly controlled central Asian state. Oil prices edged up on Jan. 7, heading for their biggest weekly gains since mid-December, fuelled by supply worries amid escalating unrest in Kazakhstan and outages in Libya.
Kazakhstan’s currency, the tenge, has remained steady at around 435 to the dollar. However, on Jan. 5 the yield on its 2045 dollar bond jumped 32 basis points to 4.1%, its highest since May 2020.Source: REUTERS/Pavel Mikheyev A Kazakh state flag is seen at the broken window of the Kaspi Bank branch following the protests triggered by fuel price increase in Almaty, Kazakhstan January 6, 2022.
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