"It’s Unprecedented": Bank Of New York Freezes $23 Billion In Kazakh Assets

Overnight, Bank of New York Mellon said it had frozen $22.6 billion in assets held by Kazakhstan’s National Oil Fund in a rare move that escalates a legal battle between the government and a Moldovan investor. According to Reuters, Moldova’s Anatolie Stati and his companies had earlier won damages against the Kazakh government, and his pursuit of payment has resulted in some 40% of the oil revenue-supported fund being frozen. Putting the freeze in context, it is roughly equivalent to 17% of Kazakh GDP.