Sanctions on Russia and Their Effect on Kazakhstan

Abstract

Sanctions are becoming a crucial tool for foreign policy in the contemporary global setting, where geopolitical events and international relations are ever more intricate and intertwined. The goal of this study is to examine how Kazakhstan's economy and business environment are affected by the sanctions placed on the Russian Federation. As a tool of international policy, sanctions are now an essential component of contemporary state-to-state relations, and it is pertinent to research how they affect a neighboring nation's economy. Determining and evaluating the effects of sanctions on Kazakh enterprises is the primary research question. Considering the strong commercial and trade relations between Kazakhstan and Russia, this subject becomes crucial. The study starts with a survey of the literature on the use of sanctions as a tool for pressure, their function in international relations, and their impact on economically connected neighboring countries. Interviewing specialists in Kazakhstani business is the main study methodology. From the perspective of business as an active participant in the current political and economic environment, this method enables an in-depth content study of the impact of sanctions on many areas of business activity and diverse sections of the economy of Kazakhstan. The industries like energy, finance, and trade that are most susceptible to the effects of sanctions are given special consideration. The impact of sanctions on investment flows and business partnerships between Kazakhstan and Russia is taken into consideration, along with shifts in trade and economic relations between the two nations. By examining all of these factors together, we can identify both the disadvantages and advantages of the sanctions for Kazakh companies. For companies dealing with the effects of sanctions, diversification, seeking out new partners and markets, and bolstering internal resilience may be crucial tactics. As a result, this scientific study not only examines the existing state of affairs but also offers suggestions on how Kazakhstani industry and the government might adjust to changes in the world economy brought about by the sanctions imposed on Russia. The findings serve as a foundation for additional study in the areas of international economic relations and plans for the growth of regional economies.