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Caspian/Black Sea Monthly Report

Overview

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;...

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