The widely discussed post-crisis settlement in the financial sector, the European sovereign debt situation and the Cypriot banking crisis have experts of all kinds riveted to financial issues, while the new Grand Game in Asia is attracting attention from all over. A relatively mature banking sector in Kazakhstan, attempts to overcome uncertainty in Kyrgyzstan and isolationism in Turkmenistan, the obvious dependence of credit institutions in Tajikistan and Uzbekistan on administrative interference – these are part of the diverse set of characteristics that inevitably undermine the strategic initiatives of Russian banks, driving them to clusterization in capital and caution. Are there any opportunities being overlooked and are the market risks really that high? READ MORE

Latvia joins the euro. Croatia joins the European Union. Serbia enters EU accession talks and Kosovo expands its ties with the bloc. A sense of optimism ruled at the two-day EU leaders summit. READ MORE

Gazprom’s Head Miller stated that Russia will never pump gas from into Ukrainian underground gas storage facilities (UGSF) whatever beneficial terms Kiev would suggest. It’s noteworthy that on the eve Gazprom decided to grant Ukraine 1 billion USD as the advance payment for the transit which shall be used to purchase gas for UGSF. READ MORE