Ever since the start to Russia’s invasion of Ukraine, anything with the slightest whiff of separatism in Kazakhstan has elicited a harsh crackdown. Except this time.
The Armenian banking sector is booming thanks to the influx of Russian capital due to the war in Ukraine. But only a paltry amount is entering the Armenian economy.
Kyiv has long taken a pro-Azerbaijan position vis-a-vis the conflict with Armenia. Now officials say that Armenia and Russia are using the blockade to try to steal attention from Ukraine.
The country’s revenues from oil and gas, on which its economy depends, grew significantly in 2022, a benefit of the sanctions on fellow hydrocarbon producer Russia.