Russia’s War Against Ukraine and Its Impact for Central Asia
Implications for International Investors as the War Continues

April 14, 2022
Nur-Sultan, Kazakhstan

Russia’s ongoing war against Ukraine has begun to trigger far-reaching, adverse effects on the countries of Central Asia. All countries in the region have been facing both socio-economic and geopolitical threats, including sharp increases in the volatility of their national currencies, the disruption of supply chains and external trade, price hikes and risk of shortages of essential goods, as well as potentially increasing political pressure from Russia, the US and the EU.

Central Asian countries are also facing their own specific challenges, given the differences in their relationships pursued with Russia: Kazakhstan and Kyrgyzstan are members of the Russian-led Eurasian Economic Union (EAEU), with deeply integrated ties to Moscow; Uzbekistan holds observer status in the EAEU and has improved its bilateral ties with Moscow; Tajikistan has close military and economic relations with Russia, while Turkmenistan cooperates with Moscow heavily in the extractive sectors.

Combined, the common and individual challenges lead to different positions in each country that should be looked at individually when considering the issues at stake.

Below, Aretera provides regional, as well as country-specific, insight into how Russia’s war against Ukraine is impacting the political, economic and geopolitical dynamics of the Central Asian region.

If you would like to schedule a discussion of this paper, please contact:
Natalia Malarchuk, Regional Director, Kazakhstan & Central Asia at