Abstract:
The relevance of the impact of sanctions is particularly evident in the context of the measures imposed on Russia in 2022. Changes in Russia's politics and economy are also reflected in Kazakhstan due to its close relationship as both countries are members of international organizations such as the EAEU and CIS. Due to sanctions targeting industries such as energy and finance, companies are facing increasing difficulties. This study sheds light on the changing and complex challenges faced by companies in Kazakhstan under sanctions. It also provides insights into the strategies that companies are using to address these challenges and capitalize on opportunities, promoting resilience and growth. The purpose of this study is to examine the impact of sanctions on companies and identify the challenges and opportunities they create, as well as to identify the main strategies for companies in Kazakhstan to adapt to the new challenges posed by sanctions. This study analyzed Bereke Bank, as a former Sberbank and a representative of the financial sector, as well as the Kazakh oil and gas company Aktobemunaigas, which is a representative of the oil sector.
Our research shows that sanctions have a strong impact on companies in Kazakhstan, creating financial constraints and trade barriers. However, the companies analyzed were able to adapt and demonstrate resilience. Key strategies included strategic planning, restructuring, rebranding and innovation. Sanctions, despite their negative effects, have opened up new opportunities for companies.
We believe that our results are important for businesses and policy makers as they demonstrate the need for flexibility and innovation in an unstable environment.
