Economic impact of sanction in Central Asia

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Economic impact of sanction in Central Asia

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Central Asian currencies are closely linked to the Russian ruble. The ruble's rapid depreciation following the renewed invasion of Ukraine in 2022 had a cascading effect on Central Asian currencies.

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The conflict in Ukraine led to a sharp increase in oil and natural gas prices, benefiting energy-exporting CAS countries like Kazakhstan, Turkmenistan, Tajikistan, Kyrgyzstan, and Uzbekistan due to increased revenues from energy exports.

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Central Asia's financial sectors have strong ties with Russia's financial sector, and some major Central Asian banks had Russian subsidiaries. Sanctions on Russian financial institutions have disrupted financial transactions in the region.

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