Energy

The European Union is seeking to reduce the price cap on Russian oil from $60 to $45 per barrel. This should make it more difficult for Russia to finance its war against Ukraine. The EU also intends to discourage investment in the Nord Stream 1 and 2 gas pipelines.

In recent times, Central Asia’s most populous nation has become the centre of attention for great powers, underscored by high level diplomatic contacts with the United States, the hosting of a regional summit with the leadership of the European Union and a high profile visit by hundreds of Russian officials and executives who participated in a trade fair in Tashkent. Western interest centres on Uzbekistan’s abundant reserves of critical minerals and a desire to develop clean energy  sources, including nuclear power. Russia, along with China, has broader trade interests, including developing manufacturing capacity.