ALMATY/JAN. 16 2023 (The Bulletin) — The Eurasian Development Bank, which had pushed the Kremlin’s development agenda in Central Asia and the South Caucasus, diluted Russia’s stake to below 50% for the first time.
The share redistribution with the EDB’s other member states — Kazakhstan, Kyrgyzstan, Armenia, Tajikistan and Belarus — had been expected and is linked to the fallout from the Kremlin’s invasion of Ukraine which has damaged Russia’s reputation in the region.
In a statement, the EDB said that Russia’s share had been cut to 44.8%, down from 66%.
It also said that Kazakhstan now held a 37.3% stake in the EDB, Armenia and Kyrgyzstan stakes of 4.2%, Belarus 5.2% and Tajikistan 4.2%.
The EDB, which is headquartered in Almaty, has played an important role in helping the Kremlin push the Eurasian Economic Union, its regional customs union which analysts said was used to impose Kremlin control over Belarus, Kazakhstan, Armenia and Kyrgyzstan.
— This story was published in issue 532 of the Central Asia & South Caucasus Bulletin, on Jan. 16 2023
— Copyright the Central Asia & South Caucasus Bulletin 2023