Challenges negative for Kazakhstan due to events in Ukraine should be prevented, says Kazakh President

The situation escalation in Ukraine will lead to slowing down economy growth of Kazakhstan's partners, Kazakh President Nursultan Nazarbayev said at the opening of the fourth parliament session of 5th calling on Tuesday.

The situation escalation in Ukraine will lead to slowing down economy growth of Kazakhstan's partners, Kazakh President Nursultan Nazarbayev said at the opening of the fourth parliament session of 5th calling on Tuesday.

"New parliament session begins amid difficult conditions. The unpredictability in global economy persists and geopolitical risks escalate, including those related to complication of international relations due to events in Ukraine," Nazarbayev said.

"Mutual sanctions applied regarding each other by the states, which produce a total of 60 percent global GDP - all this leads to serious adjustments and changes in the existing economic relations and world order," the president said.

This will lead to the decrease of economy growth of Kazakh partners, which eventually will affect Kazakhstan, he said.

"So it is important to do everything to prevent possible negative challenges for the economy, wellbeing of the nation and Kazakhstan's security," Nazarbayev said.

"You have visited regions and you are well aware that prices for main export products [of Kazakhstan] vary a lot," Nazarbayev said.

"We feel this and it leads to the decrease of income to the country's budget. And sanctions applied regarding Russia and by Russia regarding the West and the rest have impact. Because we will feel this pressure in the Customs Union and common economic union, which we will have, as these are our main trade partners," the Kazakh president said.

"But we, the government, deal with this very closely now. Several variants of possible events to occur exist and we should have responses," Nazarbayev said.

Read more: Economy faces challenge from fall in oil price and ruble value

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