The authorities of Kazakhstan intend to denounce the agreement with Russia on measures for mutual convertibility and stabilization of the ruble and tenge, as it has lost its relevance, TASS reported referring to the draft resolution of the government of the republic.

The agreement was concluded on January 20, 1995. The draft document is under public discussion until January 20. If adopted, the Ministry of Foreign Affairs of Kazakhstan must notify the Russian government of the intention to denunciate.

At the end of last year, the Minister of Foreign Affairs of Kazakhstan, Mukhtar Tleuberdi, invited all foreign firms that had left Russia to the country. According to him, with the help of foreign investments, the republic could become a territory linking Europe and Asia. On the air of a Japanese TV channel, the diplomat promised that Astana would not impose sanctions against Moscow, however, it would not help to circumvent Western restrictions either.

Also, against the backdrop of Germany's refusal of Russian oil, Kazakhstan confirmed plans to supply its oil to a European country through the Druzhba oil pipeline. Russian Deputy Prime Minister Alexander Novak indicated that Moscow is ready to approve the relevant application.