Russia wants to turn a newly minted Customs Union with Belarus and Kazakhstan into its major vehicle for post-Soviet economic integration in Central Eurasia.
The erstwhile flagship of Kazakhstan's banking sector, BTA Bank, is wrapping up a turbulent year: embattled by the credit crunch, dogged by allegations of massive fraud, nationalized under duress and forced to default on its debts. The bank is now at the center of an acrimonious legal battle in London while simultaneously negotiating with creditors to restructure debts.
A proposal to revamp Georgia's aggressive financial police is raising red flags among some Georgian economists, who see the planned restructuring as contradicting the Georgian government's libertarian economic outlook.
Amid a diplomatic chill, Azerbaijan and Turkey opened a new round of talks November 16 on an energy export price. Recent agreements on gas supplies to Bulgaria, Iran and Russia suggest that Baku is exploring alternative export routes as a means to pressure Ankara into paying significantly more for Azerbaijani natural gas.
The outcome of a two-day energy security conference, which concluded April 24 in the Turkmen capital of Ashgabat, has to be considered a disaster for Russia's energy policy.
In a development that may spell big trouble for Russia, Turkmenistan has expressed determination to diversify energy exports.
Ashgabat is indicating that it may use the so-called East-West gas spur -- which was originally envisioned as linking Turkmenistan into the Russian-controlled Prikaspiiski pipeline network - as a means to carry out its diversification plans.
Turkmenistan has redenominated its national currency, the manat, cutting off three zeroes while also removing the image of its autocratic former leader, Saparmurat Niyazov, from all coins and all but one banknote.
