Kazakhstan’s State-Owned Companies Under Investigation: What It Takes to Do Business for the Long Term

1. Government-Controlled Customers After the Detentions

What happened. On November 12, the National Security Committee announced that its Anti-Corruption Service had detained Nurlan Zhakupov, chairman of Samruk-Kazyna’s management board, Yelzhas Otynshiyev, chairman of KTZ’s management board, and other individuals the previous day on suspicion of corruption. The committee did not disclose the specific alleged offenses, amounts involved, or identities of the other detainees, citing the confidentiality of the pretrial investigation. The allegations have not been proven.

Why businesses should pay attention. Samruk-Kazyna manages the government’s stakes in some of Kazakhstan’s largest companies, including KTZ, QazaqGaz, KazMunayGas, and Kazatomprom. According to fund figures cited by Tenge Talks, its assets totaled $88 billion at the end of 2025. KTZ’s financial statements put its loans and bonds outstanding at 3.9 trillion tenge as of June 30, according to Bizmedia.kz. Decisions across the group affect thousands of suppliers, contractors, and lenders.

The president’s response. Speaking at a Security Council meeting on November 13, President Kassym-Jomart Tokayev described the case as an extremely serious indication of widespread corruption in state-owned companies. He said the fund and its companies, including KTZ, continued to operate normally. The government and oversight agencies must present proposals on November 24 to sharply reduce corruption and improve the performance of the quasi-public sector—Kazakhstan’s term for state-owned and other government-controlled entities.

Tokayev also said some agreements and contracts had already been revised because they had been signed in error. He did not identify them or say whether those revisions were connected to the current investigation.

The companies’ response. The fund said its obligations to investors, lenders, international financial institutions, and partners remained in effect. On November 14, KTZ said it was cooperating with investigators, operating normally, and honoring its commitments under existing agreements.

What those assurances mean. The statements affirm that the companies stand by their contractual obligations. They do not guarantee timely payment on any particular contract. That depends on authorized signatories, the acceptance of completed work, and the approval of payment documents.

The official statements we reviewed had not identified acting heads of the fund or KTZ at the time of publication. We found no reports of actual payment delays at either organization. New contracts may face more cautious decision-making during the investigation, but that remains a possibility rather than a documented change.

Late payment is a broader procurement issue. On November 13, the Council for the Protection of Entrepreneurs’ Rights at the Atameken National Chamber of Entrepreneurs, chaired by Kairbek Suleimenov, discussed late payments on public procurement contracts, outstanding VAT refunds, and perfunctory government responses to business complaints.

The report concerns public procurement generally and does not establish delays at the fund or KTZ. But it shows that the timing of payment on a government contract is a separate risk that a signed contract does not remove.

The working capital behind every contract. When an advance payment falls short of upfront costs, a growing order book also means a growing need for working capital. Suppliers must pay for materials, labor, and subcontractors before their customers pay them. With new tenge-denominated business loans carrying an average annual rate of 21% in September (National Bank data), even a month's delay can significantly erode margins. Beyond a customer's investment plans, contractors should examine advance payments, work acceptance procedures, payment terms, and their own financing costs. A change taking effect November 20 could help: contractors working under turnkey construction contracts with certain quasi-public companies may use liability insurance instead of cash or a bank guarantee to secure performance (Finance Minister's Order No. 754). Insurance can free up capital otherwise tied up as security, although the savings depend on premiums and contract terms. The rule does not apply to Samruk-Kazyna or its companies.

Oversight is expanding. The president announced a special State Commission to monitor spending under the People's Construction program. Its membership is expected to be announced early in the week of November 16. The National Security Committee's Anti-Corruption Service and the Prosecutor General's Office will jointly review allegations of corruption involving officials at all levels. Contractors could face additional documentation requirements and inspections, but the effect on work acceptance and payment timelines will depend on the commission's procedures. Political scientist Aibek Kumisbekov, speaking on 24KZ, proposed a public map identifying projects, budgets, and contractors.

KTZ's planned IPO. KTZ had been preparing an initial public offering in Astana, London, and Hong Kong before year-end. Bloomberg and financial professionals interviewed by the media consider a delay likely, arguing that the criminal investigation could complicate the corporate approvals required. Other economists, cited in an inbusiness.kz review reported by Atameken Business, expect the offering to proceed later without a significant loss of investor demand. No postponement has been officially announced.

Why these cases keep recurring. Tenge Talks host Kairzhan Smagulov points to structural problems at state-owned companies: dominant buyers, discretionary procurement decisions, and weak accountability. He cites a railroad tie manufacturer with effectively only one buyer in Kazakhstan. This is his assessment, not an established finding. It highlights why lasting reform may require changes to procurement rules and decision-making transparency, not just changes in management.

We will continue tracking interim leadership at Samruk-Kazyna and KTZ, the government's proposals due November 24, and the State Commission's operating procedures.

2. Predictable Rules

An investor's perspective. Jeff Erlich, executive director of the American Chamber of Commerce in Kazakhstan, told Atameken Business in a November 13 interview that frequent changes to laws and implementing regulations make it difficult to calculate returns on long-term investments. He supports reform but believes businesses need more time to contribute to consultations and a more measured pace of regulatory change. He also noted that Kazakhstan has avoided abrupt foreign-policy shifts during its 35 years of independence and said the Astana International Financial Centre's court provides additional reassurance to new investors.

Why predictability affects returns. For a company investing over many years, the value of a reform depends not only on its substance but also on transition periods, business consultation, and how consistently the rules are applied. This week offered examples of both progress and uncertainty.

Tax deductions for purchases from small businesses. Under the new Tax Code, effective January 1, 2026, companies on the general tax regime cannot deduct purchases from entrepreneurs filing simplified tax returns (Ulysmedia). For buyers subject to corporate income tax, deductibility affects the true cost of a transaction. All else being equal, a supplier on the general regime may therefore be more attractive than one using the simplified regime. The relevant factor is the supplier's tax status when the goods or services are received or the work is performed (Ministry of Finance clarification). Entrepreneurs interviewed by Ulysmedia say the restriction is costing small businesses customers and forcing them to raise prices, although its overall impact has not been quantified. Tax expert Maxim Baryshev told Kapital.kz that business groups, working through the National Chamber of Entrepreneurs and political parties, have proposed repealing the restriction retroactively to January 1, 2026, to avoid additional taxes for this year becoming due next spring. No decision has been made. First Vice Minister of National Economy Azamat Amrin said Tax Code amendments would be submitted to parliament by the end of November. According to 24KZ, businesses at an Astana forum proposed changes to roughly 200 provisions. Expanding small-business participation in major projects requires attention to both procurement terms and the tax consequences of supplier selection.

Moratorium on small-business inspections. The president said he had instructed officials to introduce a new three-year moratorium starting January 1, 2027. In his October 28 address, he had called only for discussion of the idea. A legal act will define the inspections covered and any exceptions; the previous 2020–2023 moratorium also included exceptions.

Voluntary payroll-tax pilot. The Ministry of Finance's "One-click calculation" pilot will run from November 17 through December 31 (Order No. 728). The Taxpayer's Account service automatically calculates payroll taxes and contributions, and participation is voluntary. Employers can test the system before deciding whether to continue using it.

The coming weeks should clarify which business proposals make it into the Tax Code amendments and when they would take effect. We will follow those decisions in future reviews.

3. Infrastructure: Power, Gas, and Water

Who will finance power-sector modernization? The Ministry of Energy plans to bring 13.3 GW of generating capacity online and upgrade 77,500 kilometers of power lines by the end of 2029, at a cost of 2.7 trillion tenge. The goal is to reduce grid deterioration from 66% to 45%, according to the ministry's response to BES.media. The ministry also says it does not currently plan to raise electricity tariffs, without specifying the period covered. As we noted last week, KAZENERGY's National Energy Report estimated actual power-sector investment at $24.6 billion in 2015–2025, against a need of at least $50 billion. The unanswered question is how investors will recover the cost of modernization.

Modernization poses two distinct financing questions: where the construction money will come from and which revenue streams will repay it.

Funding construction:

• Budget and National Fund resources under the People's Construction program. The energy minister previously said the program's energy projects would be financed on market terms through commercial banks;
• Bank lending. The Agency for Regulation and Development of the Financial Market (ARDFM) is considering whether energy and utility companies could pledge future regulated revenue as collateral (see Section 4).

Recovering the investment:

• Revenue from electricity tariffs;
• Capacity availability payments. An alternative-energy bill, approved in its first reading by the Kurultai (parliament) on November 11, would award energy-storage projects through auctions and pay for their availability for up to 15 years.

A proposed fee for reserved but unused power capacity is a separate initiative. Draft amendments have been prepared, but it remains unclear how much the fee could contribute to modernization funding.

Our assessment. Public funding and bank loans can cover construction, but borrowed money must ultimately be repaid. This week's documents point primarily to electricity tariffs and capacity payments as potential sources of repayment. Energy-intensive businesses should model a range of future electricity costs. The available documents do not establish where tariffs are headed.

Schedules and reliability. Two of the seven power plants scheduled to come online by the end of 2026 face delays. Almaty CHP-3 is short of workers and equipment, while a plant in Turkistan Region is expected to commission only 190 MW of its planned 926 MW (Ministry of Energy response to BES.media). Winter peak demand is projected at 18,200 MW, up 3% year over year. Five of the country's 19 combined heat and power plants remain classified as high-risk, in Aktau, Semey, Uralsk, Temirtau, and Taraz. For a new factory, available capacity and a dependable grid connection are just as essential to launch as the production equipment itself.

Gas. On November 12, QazaqGaz Processing LLP signed a contract with a consortium of Hyundai Engineering and SICIM Kazakhstan LLP to design, equip, and build a gas processing plant at Karachaganak with annual raw-gas capacity of 5 billion cubic meters. Neither the contract value nor the commissioning date was disclosed. Industry expert Nurlan Zhumagulov estimates the project will cost roughly $6 billion (Forbes.kz). Feedstock supply terms are still being negotiated with the Karachaganak project's shareholders, creating uncertainty around the plant's economics and schedule. Nor does the construction contract establish when individual equipment and service orders will be placed. On November 6, before the review period began, a similar contract was signed for a 2.5 billion-cubic-meter plant at Kashagan. The Supreme Audit Chamber's November report underscores the need for additional capacity: commercial gas production is lagging consumption.

Water: a small case with a larger lesson. Prosecutors in Akzhaik District, West Kazakhstan Region, reported that the Nygmet farm had installed 462 million tenge worth of sprinkler irrigation equipment but could not use it fully because insufficient water was reaching the Koshim canal. Supply was restored after a meeting with a branch of the state-owned Kazvodkhoz. One incident cannot establish a nationwide trend. It does illustrate a basic investment risk: owning equipment and having a site ready do not guarantee access to essential inputs. For farms, that means checking actual water availability and seasonal fluctuations; for factories, electricity, gas, and transportation. Those checks belong before an investment decision, not after it.

4. Financing: Who Pays for Construction Before Revenue Arrives

Where financing stands. Companies' own funds accounted for 65.8% of fixed-capital investment in January–September, while bank loans accounted for just 5.6%. New tenge-denominated business loans carried an average annual interest rate of 21% in September, or 18.1% for large companies (Bureau of National Statistics and National Bank). The ARDFM reports that new business lending increased 19.5% year over year in January–September. That is nominal growth and does not, by itself, indicate how much additional investment companies can finance. Construction lending grew fastest, up 62.7%. Long-term loans accounted for 70.7% of the business loan portfolio at the end of August, according to the National Bank.

What the regulator is proposing. At the November 13 Financiers' Congress, ARDFM Chair Madina Abylkasymova said financing structures should reflect construction schedules, the time needed to reach full operating capacity, and investment payback periods. The ARDFM and National Bank are working on several approaches (TENGENOMIKA, Zakon.kz):

• Loans backed by future regulated revenue to modernize energy and utility infrastructure;
• Project financing and syndicated loans that distribute risk among multiple banks and investors;
• Bonds that allow developers to refinance bank debt once a project generates stable revenue;
• Continued interest-rate subsidies through the Damu fund for priority projects;
• A review of how money from the ENPF pension fund is channeled into the economy through banks.

No detailed terms have been released. These are policy proposals, not financing products that borrowers can already obtain.

Our assessment. Kazakhstan is embarking on a multiyear construction push, while regulators are exploring financing tools better suited to long development and payback periods. For companies considering expansion, the central questions are who carries construction risk, when debt repayment begins, and how dependable future revenue will be. The predominance of internally funded investment shows that companies still rely heavily on their own resources. Access to outside capital must be evaluated project by project.

Growth versus profitability. GDP grew 4.5% in January–October, compared with 6.4% a year earlier. Manufacturing expanded 9.3%, up from 5.8%. The Halyk Business Index for January–May put the corporate revenue index at 99.6, operating costs at 101.1, and payroll at 112.8 ("Kazakhstan: Investment Navigator 2026," as reported by BES.media), suggesting costs, especially labor, were rising faster than revenue. Recent company results provide individual examples: Kaspi.kz's nine-month revenue rose 14% while profit was flat; Air Astana reported a $2.7 million loss as revenue increased 17.9% and costs climbed 23.4%; and banking-sector profit fell 11.6%. The index covers only the first five months, and these examples span consumer services, aviation, and banking. They do not establish which industries are experiencing margin pressure alongside output growth.

The tenge. The dollar fell from 449.0 to 444.3 tenge on KASE over the week, even as the global dollar index rose 1.6% (TENGENOMIKA). Analysts attribute the divergence to domestic foreign-currency supply. A stronger tenge lowers import costs—Kaspi cited cheaper goods when cutting its marketplace turnover forecast—but also reduces exporters' revenue when converted into tenge. BCC Invest estimates the tenge is overvalued by about 20% and forecasts a gradual decline to 480 per dollar by summer 2027, without disclosing its model's methodology. Freedom Broker expects the currency to strengthen to 439 per dollar but gives no timeframe.

Reserves and interest rates. Combined international reserves—the National Bank's reserves plus National Fund assets—declined $1.1 billion in October to $131.2 billion. National Bank reserves fell 2.4% to $64.3 billion: the gold component lost 6.4% in value, while foreign-currency holdings rose 11.8%. National Fund assets increased 0.7% (Association of Financiers of Kazakhstan). The figures do not distinguish valuation changes from transactions. The National Bank's base rate is 15.75%. In the association's November survey, reported by BES.media, 65% of respondents expected the rate to remain unchanged on December 4.

Payment systems and fees. National Bank Chairman Timur Suleimenov said that the unified QR payment system and interbank transfers using phone numbers processed about 75 million transactions worth 1.4 trillion tenge over four months. Together, they account for nearly 30% of offline retail payments between banks. The National Bank estimates that these and other reforms have reduced merchant fees by 40% over three years. Individual savings depend on a business's bank fees and mix of payment methods. Merchants should compare acceptance costs, settlement times, and customer convenience.

5. Export Routes and Market Requirements

Coal. Argus reports that Russian Railways declined applications to move Kazakhstani coal to Baltic ports in October and November. Shipments fell from about 1 million metric tons in August to 30,000 in October as Russian freight was redirected toward the northwest. Economist Yernar Serik estimates that lost shipments could reach 3.5 million metric tons by year-end. Kazakhstan exported 28 million metric tons of coal by rail in the first ten months, roughly unchanged from last year (Ministry of Transport), with no destination breakdown. For exporters serving European customers, higher sales to China cannot substitute for access to the European market.

Oil. The Ministry of Energy confirmed that Kazakhstani oil has not moved through Russia's Ust-Luga port since September because of technical constraints in the transit pipeline system. Shipments have been rerouted. Over ten months, KazTransOil increased deliveries into the Caspian Pipeline Consortium system by 30% and shipments through Aktau by 11%, although it has not linked those increases to the Ust-Luga disruption.

Grain. Barley exports to Iran plunged 35-fold in September to 2,500 metric tons. The Grain Union attributes the decline to competition from Russian grain and higher shipping costs. Barley exports to China tripled that month. Iran has opened a 4.5 million-metric-ton duty-free quota for wheat and barley from EAEU countries. Beginning December 1, a new locomotive traction tariff will raise the cost of moving a railcar of grain to Tajikistan by 8.3%.

Containers. Shipping a 40-foot container from Xi'an to Baku cost $6,750–$7,200 in October, unchanged from September. The ports of Aktau and Kuryk are operating at 30%–50% capacity utilization, with lower Caspian Sea levels and a shortage of vessels constraining growth. Starting December 20, container shipments and international transit will take priority over raw energy exports when rail capacity is limited (Acting Transport Minister's Order No. 280).

EU exports: carbon accounting. At the COP31 climate conference, the Ministry of Trade and Integration, QazTrade, and the Ministry of Ecology held a session on preparing exporters for the European Union's Carbon Border Adjustment Mechanism (CBAM). It covers EU imports of iron and steel, aluminum, cement, fertilizers, hydrogen, and electricity. CBAM's definitive phase began January 1, 2026. Covered imports in 2026 create compliance obligations; certificate sales begin in February 2027, and the first annual declarations and certificate surrenders are due September 30, 2027. The legal obligation rests with EU importers. Producers must supply verified emissions data when importers report actual emissions, although the rules also permit default values. The mechanism itself is not new this week; the development was the discussion of exporter readiness. Our assessment: For affected Kazakhstani exporters, credible emissions data are becoming part of what they offer European buyers. Energy choices and production technology increasingly need to reflect the requirements of destination markets.

Trade with Russia. Nadezhda Shkolkina, first deputy chair of the State Duma Committee on Economic Policy, said authorities had agreed to suspend additional VAT assessments on Russian exporters to Kazakhstan until tax-agency data exchange is restored. We found no supporting document from the tax service. Russia's government has approved amendments introducing tax oversight of prices for goods imported from EAEU countries, but no threshold or effective date has been announced. Kazakhstan's Ministry of Trade and Integration has asked the Eurasian Economic Commission to address a Russian environmental fee imposed on Kazakhstani transformers but not on Russian-made equivalents.

Sanctions. The United Kingdom sanctioned Russia's SIBUR Holding on November 12. SIBUR holds interests in the KPI polypropylene plant and the Silleno polyethylene complex under construction in Atyrau Region. National Business Kazakhstan sees potential complications for payments and purchases of Western equipment. No project shutdowns have been reported.

6. Projects: Where Private Business Can Win Orders

The stage of a project matters when assessing potential orders. A memorandum of understanding, a signed construction contract, and an operating plant represent very different levels of certainty.

Karachaganak gas processing plant. A consortium of Hyundai Engineering and SICIM Kazakhstan has signed a design, procurement, and construction contract (see Section 3). The process for awarding individual equipment and service contracts has not been disclosed.

Procurement by the Karachaganak operator. Karachaganak Petroleum Operating B.V. has published its 2026–2030 medium-term procurement plan. Tenders expected to open in the first quarter of 2027 include condensate-level sensor replacements, a control system for an emergency diesel generator, and aerial drone surveys. Each is valued at up to $300,000. Eligible suppliers must be in the operator's database. Registration takes place through SAP Business Network, including for previously registered vendors. These purchases are separate from QazaqGaz Processing's construction contract. Supplier registration does not guarantee a tender invitation or an award.

Balkhash nuclear power plant. The intergovernmental agreement and Rosatom contract have been signed, while the annexes remain under negotiation. Construction could begin in 2027 once licenses are secured, according to Atomic Energy Agency Chairman Almasadam Satkaliyev. Rosatom chief Alexei Likhachev said a Kazakhstani general contractor had been selected but did not name it. He estimated the project at $15 billion and said Kazakhstani companies could receive up to 30% of work and supply contracts (Kursiv.Media). Procurement procedures have not been published.

Auction of 56 oil and gas blocks. Applications are due November 18, with bidding scheduled for December 25. Local-content requirements call for at least 70% in works and services and 30% in goods.

Sale of six Kazakhstan Engineering companies. Auctions are scheduled for November 27, with bidding opening at 11 a.m. Astana time. Buyers must preserve each company's business profile and ensure that Kazakhstani citizens make up at least two-thirds of employees. The Kirov plant in Petropavlovsk has a starting price of 9.117 billion tenge and accounts payable of 24.38 billion tenge, most of it customer advances.

People's Construction program. Authorities have approved 262 projects worth 1.5 trillion tenge and allocated 497 billion tenge to 122 of them. The program requires the use of domestic materials and equipment. Procedures for the new State Commission have not yet been disclosed.

Projects entering production. PepsiCo has produced its first batch of potato chips using Kazakhstani potatoes at its Almaty Region plant. The investment totals $360 million, with full capacity expected in 2028. TEXOL's Atyrau Wagon-Building Plant is beginning serial production of tank cars and has secured an order for 100 cars for Mongolia.

Projects with procurement details still pending. China's Londian Wason and NAIKAN have agreed on an $810 million copper-foil project, with initial capacity expected in 2029. Agreements worth about $1.2 billion announced at COP31 cover wind farms and gas meters. Implementation terms and procurement schedules have not been disclosed.

7. Rule Changes

Mobile transfers. Banks must report receipts into personal accounts to the state revenue authorities when transfers exceed 360 monthly calculation indices (MCI), or 1,557,000 tenge in 2026, over three consecutive months and come from at least 100 different senders in each month. The rule does not automatically tax the transfers. Banks report qualifying activity, while tax liability depends on the nature of the payments (Finance Minister's Order No. 718).

Imports from EAEU countries. Beginning November 20, form 328.00, used to report imported goods, and its filing rules will change. The attachment must identify the goods and their codes and provide details of the foreign-currency contract (Finance Ministry Order No. 734).

Foreign-currency purchases through brokers. Starting November 16, professional securities market participants must conduct additional checks when a client buys more than $3 million in noncash foreign currency in a trading day, or $10 million for a company. Subsequent purchase orders from that client must be submitted at least one business day before execution (ARDFM Resolution No. 158).

Export restrictions. Starting November 22, Kazakhstan will extend its ban on gasoline and diesel exports by road and rail, including to EAEU countries, for six months (Energy Minister's Order No. 397-н/қ). On the same date, restrictions will take effect on re-exporting Chinese aluminum foil and graphite electrodes to EAEU countries when those products entered Kazakhstan duty-free under a one-time exemption from antidumping duties. Certain foil products are exempt (Industry and Construction Minister's Order No. 563).

Liquefied petroleum gas. The Ministry of Energy proposes maintaining the maximum wholesale LPG price at 59,722 tenge per metric ton, excluding VAT, starting January 1, 2027. Exclusive.kz cites an estimate of roughly 90,000 tenge per ton in production costs from the Fuel and Energy Sector Development Concept. Public consultation closes November 27.

Identification numbers for foreigners. Since November 9, foreign nationals who have physically entered Kazakhstan have been able to obtain individual identification numbers online through the QazETA app within one business day, under a Ministry of Internal Affairs pilot.

Capital markets. The ARDFM and National Bank have approved development programs through 2030. The plans envision transferring up to 20%–30% of pension assets to private managers and offering tax incentives to companies that list shares. Draft capital-market and insurance legislation is due in parliament in December. The programs set the direction; detailed rules will require separate legal acts.

Audit of science funding. The Supreme Audit Chamber identified 51 billion tenge in financial violations involving science spending in 2021–2025. Only 38 of 141 completed projects generated sustained sales. Organizations administering mandatory contributions from subsoil users held some funds on deposit, although the science minister does not consider that a violation. Auditors recommended changes to funding rules. The government dismissed Vice Minister of Science and Higher Education Gulzat Kobenova without stating a reason. Consultation on draft rules for research commercialization and science venture funding runs through November 26.

8. Calendar

• Week starting November 16
  Membership of the State Commission overseeing People's Construction spending is expected to be announced (president's November 13 statement).
• November 16
  Deadline for third-quarter tax returns, forms 200.00 and 300.00; new checks on large foreign-currency purchases through brokers take effect (ARDFM Resolution No. 158).
• November 17
  Voluntary "One-click calculation" payroll-tax pilot begins (Finance Ministry Order No. 728).
• November 18
  Application deadline for the auction of 56 oil and gas blocks (Ministry of Energy).
• November 20
  Revised EAEU import declaration takes effect; qualifying quasi-public turnkey contractors may use insurance as performance security, excluding Samruk-Kazyna and its companies (Finance Ministry Orders No. 734 and No. 754).
• November 22
  New six-month gasoline and diesel export ban begins; restrictions take effect on re-exporting certain Chinese foil and electrodes to EAEU countries without antidumping duties (Orders No. 397-н/қ and No. 563).
• November 24
  Government proposals on reforming the quasi-public sector are due to the president (president's November 13 statement).
• November 26
  Public consultation closes on research commercialization and science venture-funding rules (Open Legal Acts portal).
• November 27
  Auctions for six Kazakhstan Engineering companies; consultation closes on the proposed LPG price ceiling.
• By the end of November
  Tax Code amendments are expected to reach parliament (First Vice Minister of National Economy Azamat Amrin, November 3).
• December 1
  KTZ changes locomotive traction tariffs and additional charges (carrier's September 21 notice).
• December 4
  National Bank announces its base-rate decision.
• December 20
  Rail-shipment priority rules take effect when capacity is constrained (Order No. 280).
• December 25
  Auction of 56 oil and gas blocks.
• January 1, 2027
  A minimum-wage increase to 110,000 tenge is planned, subject to confirmation in the budget law; the small-business inspection moratorium ordered by the president is scheduled to begin, with procedures to be set by a legal act.
• September 30, 2027
  Deadline for EU importers' first annual CBAM declaration covering 2026 (Ministry of Trade and Integration).