Many of them fell into the sanctions trap.
Financial companies in Kazakhstan are buying up Russian government debt from Western investors who cannot exit the Russian market due to sanctions, Bloomberg reports.
It is reported that the public debt is redeemed at a big discount. The debt is registered with a Kazakhstani clearing center, which allows buyers to receive coupon income and the principal amount of the debt.
Thus, according to the news agency, Kazakh firms are making quick profits for themselves and clients at a time when some international investors remain holders of billions of rubles in debt.
Due to restrictions imposed on the Russian Federation and Russia itself, foreigners cannot receive coupon income and principal on securities, but domestic investors can receive payments domestically.
As the Charter97.org website wrote earlier, Belarus and the Russian Federation are bypassing sanctions through Kazakhstan and Kyrgyzstan.