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Astana Finance Days 2026

Astana Finance Days 2026 to Draw Global Investors to Kazakhstan

Astana will host the ninth Astana Finance Days on September 9–10. This year, organizers expect more than 5,500 participants from over 80 countries, and the geography of the guests reflects the markets Kazakhstan has increasingly looked to for capital: the United States and Europe, China and Hong Kong, the Gulf states, and its Central Asian neighbors. The announced speakers include representatives of BlackRock, Goldman Sachs, Brookfield, FTSE Russell, Bloomberg, Hong Kong Exchanges and Clearing, the Shanghai Stock Exchange, and China International Capital Corporation. Representatives of Binance, Mastercard, and Telegram/TON are also expected. Kazakhstan will be represented by National Bank Governor Timur Suleimenov, Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev, Freedom Holding Corp. CEO Timur Turlov, and others. This year’s agenda reflects the region’s continuing search for new sources of financing: capital markets, investment products, financing for the real economy, regulation, financial technology, and cross-border investment. The forum will be held under the theme “Delivering Impact. Capital in Action.” Astana Finance Days was launched in 2018 alongside the establishment of the Astana International Financial Centre (AIFC). The first forum was closely linked to the creation of Kazakhstan’s new financial hub, but the range of participants has expanded considerably over the past eight years. Last year, AFD attracted more than 5,500 participants from 82 countries. They included representatives of investment firms managing approximately $1.5 trillion in combined assets. Over two days, the forum hosted 40 events featuring 160 speakers, while the Astana International Exchange announced four listings and seven agreements were signed. China and Hong Kong stand out in the 2026 guest list. Representatives of the Hong Kong Investment Corporation, the Hong Kong and Shanghai Stock Exchange, and CICC are expected in Astana. BlackRock, Goldman Sachs, and Brookfield are also represented. Kazakhstan has increasingly sought investment from the West, China, and the Middle East, so the range of institutions represented may be more significant than the overall attendance figure. There is another reason AFD goes beyond a conventional financial conference. The AIFC was established as a separate jurisdiction with its own court, regulator, and legal framework based on the principles of English common law. Kazakhstan designed it to make it easier for foreign businesses to enter the local market and raise capital. Thousands of companies from dozens of countries are now registered with the AIFC, and Astana Finance Days has effectively become an annual meeting point between businesses operating within this system and potential investors and new partners. Investment will not be the only subject under discussion in September. The program includes digital asset regulation, new financial technologies, capital markets, and corporate financing. A separate AFD Exhibition will bring together banks, asset managers, investment firms, and fintech projects. The Times of Central Asia is a media partner of Astana Finance Days 2026. Special coverage coming soon.

Energy

Kazakhstan Mini-Refineries Eye Russia After Rail Export Restriction Lifted

Kazakhstan has lifted a railway export restriction on petroleum products from mini-refineries. For small plants, many of which operate well below capacity, the decision restores an opportunity to sell their products outside the country. Kazakhstan Temir Zholy (KTZ), the national railway company, revoked the restriction following an August 7 decision by the country’s Chief Transport Prosecutor’s Office. The timing is notable: after a series of strikes on its refineries, Russia is facing fuel shortages and has already begun importing gasoline from abroad, including Kazakhstan. Other restrictions on fuel exports from Kazakhstan remain in force, so the KTZ decision does not fully reopen gasoline and diesel exports. Some fuels remain subject to separate bans, and exports to Russia are treated differently from shipments outside the Eurasian Economic Union. What Mini-Refineries Produce The number of mini-refineries actually operating in Kazakhstan depends on how such facilities are defined. Official documents have referred to roughly 30 small petroleum-product producers. More recent industry data provide a clearer picture: more than 30 mini-refineries are registered, with declared crude-processing capacity of about 4.5 million metric tons a year. Of these, 22 are considered operational, with a combined capacity of about 2 million tons. Actual processing is considerably lower, having increased from roughly 400,000 to 800,000 tons annually over the past five years. These are not smaller versions of Kazakhstan’s major refineries in Atyrau, Pavlodar, and Shymkent. Most mini-refineries lack equipment for deep refining, so their output is simpler. Their main products include fuel oil, heating and marine fuels, naphtha, and other distillates. In 2023, mini-refineries processed 895,000 tons of feedstock and produced 346,000 tons of fuel oil, 145,000 tons of diesel fuel, and 171,000 tons of bitumen. Much of this output was not intended for Kazakhstan’s motorists. Mini-refineries produce semi-finished products, including straight-run fuel oil with a relatively high share of light fractions that can be processed further. Their opportunities on the domestic market are also limited by product quality: Kazakhstan has required K4 and K5 motor-fuel standards since 2018, while official assessments say mini-refineries generally lack the equipment to produce fuel above the K3 standard. Restoring export opportunities could therefore have a tangible economic effect for these businesses. The plants have spare capacity but insufficient domestic demand for much of their current product range. Rail exports once again give them a way to look for buyers outside Kazakhstan. And that inevitably raises the question of Russia. Russia Is Looking Abroad for Fuel There is no direct evidence that KTZ lifted the restriction specifically because of the Russian market. Neither the Kazakh authorities nor the railway company has made such a connection. But the decision comes at a convenient time for potential Russian buyers. Ukrainian drone strikes and unplanned refinery outages have reduced Russian gasoline production and contributed to domestic shortages. Moscow has responded by restricting fuel exports and increasing imports from abroad. Russia has already turned to several suppliers. In July, Belarus shipped a record 212,000 tons of gasoline to Russia, while Moscow has also begun...

TCA Interviews

Interview: Ayana Nurdinova on Mugalim, Balkhash and San Sebastián

Kazakh director Ayana Nurdinova will screen her debut feature, Mugalim (The Teacher), in the New Directors section of the San Sebastián International Film Festival, which runs September 18–26. The selection comes almost ten years after Nurdinova graduated from the Zhurgenov Academy of Arts. Shot in Balkhash, the film follows a music teacher who dreams of leaving the small city for somewhere bigger, while questioning what he wants from his work and his life. The Times of Central Asia spoke with Nurdinova about her long road to a first feature, her love of small towns and Japanese cinema, the influence of Takeshi Kitano, and her forthcoming trip to San Sebastián. Times of Central Asia: Ayana, congratulations on being selected for San Sebastián. Getting into a festival like this with a debut feature is a major achievement. What was your reaction? Ayana Nurdinova: When the news came, the film’s producer, Aruzhan Dosymkozha, called me. It was already around midnight and I was asleep, so at first I didn’t really understand what was happening. She was in this kind of joyful shock and told me the wonderful news. To be honest, at first I couldn’t believe it had actually happened. When we submitted the film to festivals, of course I hoped it would be appreciated, but I tried not to expect too much so I wouldn’t be disappointed later. So I really didn’t expect that we would actually be selected. TCA: Did you submit the film to other major festivals as well? Ayana: Yes, we submitted it everywhere, from Cannes and Venice to Karlovy Vary. We sent it to Cannes a month before the festival. We knew it was late, but we decided to try anyway. We didn’t get in, and then three months later the news came from San Sebastián. When I found out we had been selected, I started reading about the festival and the city and looking at photographs. At some point, I even noticed an unexpected visual similarity with our film: the city there also sits on the water, only it is surrounded by the Bay of Biscay, and there is even something similar about the landscape. I thought it was funny that a film shot in Balkhash would make its first trip precisely there. TCA: You graduated from the Zhurgenov Academy as a feature film director almost ten years ago, but after graduating, you spent quite a long time working in other film professions. How did that happen? Ayana: Yes, I graduated from the academy when I was 22, and looking back now, I realize that at the time I had very little life or professional experience. So I decided to immerse myself in the profession. While I was still a student, I got my first job on a major film set, working as a clapper loader [a junior camera role] on The Kazakh Khanate. After graduating, I wanted to gain real practical experience and understand how a film set actually works. For a while, I worked in casting,...

Sports Reform

Kazakhstan Saves More Than $17 Million Under New Sports Club Funding Rules

On June 16, 2025, Kazakhstan stopped using state and quasi-state funds to finance foreign athletes at professional sports clubs. Kazakhstan’s Ministry of Tourism and Sports now says that measure, combined with wider limits on club budgets, has saved more than 8 billion tenge, or about $17.2 million. The change follows years in which football and hockey clubs spent significant amounts of public money on foreign players. Clubs in Kazakhstan may still sign foreign players, provided their contracts are financed by sponsors or private investors rather than public money. Public spending on foreign players was already under scrutiny before the reform. In January 2025, Ulan Sarkulov, then first deputy chairman of Kazakhstan’s Anti-Corruption Agency, said FC Astana and HC Barys had received nearly 100 billion tenge in total over six years. Foreign players’ salaries accounted for around 60–70% of FC Astana’s budget. The funding restrictions are part of Kazakhstan’s effort to reduce professional football’s reliance on the state. Several clubs have since come under private control. FC Kaisar was placed under the private management of construction entrepreneur Islamgali Kozbakov, while Kaspi.kz co-founder Mikheil Lomtadze became the owner of FC Zhenis. A company in the Freedom Holding Corp. group, founded by Timur Turlov, bought FC Shakhter Karaganda at auction. In January 2026, FC Aktobe was sold for 364 million tenge, about $710,000 at the time, to Qazaq Stroy Properties, owned by businessman Nurlan Artikbayev. As The Times of Central Asia previously reported, the change in ownership was followed by the signing of former Manchester United player Nani. Under FC Aktobe’s privatization plan, some public funding was retained. Before the sale, a regional sports official said public money would support its academy and women’s team. The futsal side was also included, while total state support for the club was expected to fall from 3.5 billion tenge in 2025 to 1.9 billion tenge in 2026. A separate ministerial order effective July 25, 2025, imposed limits on public funding for professional teams. The ceilings are set in units of Kazakhstan’s monthly calculation index (MCI), which is adjusted annually. At 2026 levels, a football club can receive up to about $6.1 million a year in total. The ceiling is around $3.5 million for an ice hockey club. In other team sports, each men’s or women’s program can receive about $1.1 million. Football clubs competing in UEFA tournaments can receive an additional $1.9 million. Monthly salaries paid from public funds to first-team players and coaches are capped at about $4,700. Kazakhstan is also changing how senior jobs in state sports organizations are filled. Since September 2025, the heads of these organizations have been subject to a unified rotation procedure, while appointments to top posts have been made through open competition. Of 112 appointments since then, 86, or 76%, followed an open competitive process. Another part of the reform is the unified e-Sport platform, which will gather records of athletes and competitions from across Kazakhstan’s sports system, along with information on coaches and referees. The ministry plans to...

Labor Market

Kazakhstan South Korea Working Visa Route Opens Under EPS

South Korea is opening an official route into its labor market for citizens of Kazakhstan, thousands of whom already work in the country without legal status. Seoul has added Kazakhstan to its Employment Permit System (EPS), a government program that allows South Korean employers facing labor shortages to recruit workers from participating countries. Kazakh workers are expected to begin arriving through the system in 2028. Kazakhstan has become the 18th country designated as a sending country under the EPS, according to Kazakhstan’s Ministry of Labor and Social Protection. Uzbekistan, Kyrgyzstan, and Tajikistan already participate in the program. Kazakhstan had sought admission since 2023, but its large population of undocumented workers in South Korea became the main obstacle to an agreement. According to figures cited by Kazakh officials in 2025, about 15,000 Kazakhstanis were working in South Korea, roughly 11,000 of them without legal status. The EPS allows foreign workers to obtain E-9 visas for jobs in sectors facing labor shortages, including manufacturing, construction, agriculture, and fisheries. Workers are generally admitted for three years, with extensions allowing them to remain for up to four years and 10 months. Recruitment will not begin immediately. Kazakhstan and South Korea must first sign a memorandum of understanding and establish the arrangements for the Korean-language test required under the EPS (EPS-TOPIK), which Kazakh officials have said will be conducted at the National Testing Center in Almaty. Kazakh citizens can travel to South Korea visa-free for short stays, but this does not give them the right to work. Some visitors have overstayed and found jobs in construction, agriculture, and other sectors. The scale of undocumented employment complicated Kazakhstan’s attempt to join the EPS. In the fall of 2025, Kazakh officials acknowledged that Seoul wanted concrete measures to reduce illegal migration. Astana prepared a roadmap aimed at reducing the number of undocumented workers and preventing those recruited through a future legal scheme from overstaying. For prospective workers, the change is straightforward: instead of entering South Korea as a visitor and seeking work without authorization, applicants will be able to apply from Kazakhstan and enter the country with permission to work. The agreement forms part of a broader effort by Kazakhstan to create legal routes for its citizens working abroad. Astana has also reached labor-migration agreements or cooperation arrangements with countries including Qatar and the United Kingdom, while pursuing similar deals elsewhere.

Central Asian Football

Dastan Satpayev Joins Burnley on Loan from Chelsea

One of Central Asia’s most promising young footballers will begin his English career outside the Premier League. Eighteen-year-old Kazakhstan international Dastan Satpayev has officially joined Chelsea and has immediately been sent on a season-long loan to Burnley, who play in the Championship, the second tier of English football. The loan runs until the end of the 2026/27 season, while Satpayev remains under contract with Chelsea until 2033. Chelsea agreed to sign the Kairat Almaty academy graduate in February 2025, but the international transfer could not be completed until Satpayev turned 18 under FIFA rules that generally prohibit international transfers of players under 18. He celebrated his 18th birthday on August 12. Before the transfer was formally completed, Kairat allowed him to join Chelsea for preseason preparations this summer. In his first public preseason appearance, against Australia’s Western Sydney Wanderers, Satpayev scored his first goal for the London club as Chelsea won 6-4. Despite an encouraging preseason, Chelsea have opted to send the 18-year-old forward to the Championship for regular playing time, in a competition where clubs play 46 league matches per season. Burnley, based in Lancashire, is one of England’s oldest clubs and a founding member of the Football League. The club has twice been English champion, in 1921 and 1960, but now faces a more immediate task. After spending last season in the Premier League and finishing 19th, Burnley were relegated to the Championship and are seeking an immediate return to the top flight. Satpayev hopes to help the club in that effort. "I’m very pleased to be here. It’s a great opportunity for me in my career and a great club to show what I can do and help the team get back to where they belong," the Kazakhstan international said after the move. Despite his youth, Satpayev already has substantial senior experience. Before moving to England, he made 63 senior appearances in Kazakhstan, scoring 27 goals, appeared in the Champions League, and made his debut for the Kazakhstan national team. Kairat differs from many leading Kazakh clubs in its reliance on its own academy, and Satpayev has become its most prominent graduate in recent years. The Times of Central Asia has previously explored the Kairat’s youth development system in depth. Satpayev’s move is also significant in the broader Central Asian context. Until recently, players representing Central Asian countries were virtually absent from England’s leading clubs. Uzbekistan’s Abdukodir Khusanov became the first Uzbek player in Premier League history after joining Manchester City from French club Lens in January 2025. The defender was subsequently linked in Spanish media with a possible move to Real Madrid.