Negative PR related to the ongoing dispute over the Kashagan oil contract has not helped market sentiment as Kazakhstan's markets struggle to recover from the de-rating that began in mid-2007. Our message is that the government’s behaviour in the Kashagan episode has been justified, and interpretations of the dispute as a shocking infringement of investors' rights are off base.
In Ukraine the country's dysfunctional politics could be improved by a shift to a parliamentary system; but...
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