The Caspian/Black Sea [CBS] service, led by Laurent Ruseckas, provides regular analysis of investment risks and drivers for the frontier markets of the FSU -- with a major focus on Kazakhstan and Ukraine -- as well as Turkey.

Monthly notes addressing a handful of key themes in the Caspian/Black Sea region.

The Kazakhstan Quarterly is a top-down macro overview of key trends and developments in Kazakhstan's economy and its capital markets, produced in collaboration with Aitolkyn Kurmanova, the director of the Institute for Economic Strategies – Central Asia, in Almaty, Kazakhstan.

Trusted Source's Ukraine research addresses key trends and developments in Ukraine's politics, economy and capital markets.

The conflict between Turkey's elected government and the country's secular establishment will be the key driver for Turkish markets and asset prices for the foreseeable future. Trusted Sources will provide timely and hard-headed coverage of this ongoing drama.

Exploitation of natural resources is a major driver for the economies of Kazakhstan, Azerbaijan, Turkmenistan and Uzbekistan. Trusted Sources will not cover specific equities, but we will endeavour to analyze some of the drivers and risks related to the small universe of listed E&P companies active in this region.

Difficult relationships with neighboring states are a structural source of risk for many countries in the CBS region. The obvious examples are the troubled Russian-Georgian relationship, the frozen conflict between Azerbaijan and Armenia, and Turkey's difficult challenge in dealing with the problems generated by Iraq. We would also call attention to the deteriorating relationship between Kazakhstan and Uzbekistan.