Speaking with Russia’s Izvestia daily, Kazakhstan National Bank deputy governor Nurlan Kussainov said the Astana Financial Center could act as a business hub for Russian companies which want to do business with foreign investors.
"We’re speaking primarily of a stock market platform that will make it easier for Russian companies to attract investment," Kussainov said. "And if Russian nationals register [their firms] here they will not be regarded as Russian companies and therefore not subject to sanctions."
According to the central bank’s deputy governor, investors willing to move into the new financial center will be given free office space, a five-year visa-free entry and a 50-year tax holiday.
The West has imposed several rounds of economic sanctions against Russia over its alleged role in the Ukrainian armed conflict. The Kremlin has denied the accusations and, in August 2014, limited the import of food products from those countries that imposed restrictions.