| Economy

World Powers Set to Release Record 400 Million Barrels of Oil From Strategic Reserves Due to Middle East War

Economy

The International Energy Agency (IEA) has announced the largest coordinated release of strategic oil reserves in history — 400 million barrels, representing roughly one‑third of member countries’ total emergency stocks. The move comes as the global oil supply faces severe disruption due to the ongoing U.S.–Israel conflict with Iran and the effective closure of the Strait of Hormuz, a key maritime route that previously handled about 20–25% of global oil shipments.

Kazakhstan and Uzbekistan Build New Trade Transit Center

Economy

Kazakhstan and Uzbekistan have launched a major project to build a modern multipurpose logistics center in the Tashkent Region. The new transport and logistics hub is expected to strengthen the transit potential of the region and become an important link in Eurasian trade routes.

U.S. to stop collecting Trump-era tariffs from February 24

Economy

The U.S. Customs and Border Protection will stop collecting tariffs introduced by the administration of Donald Trump under the International Emergency Economic Powers Act (IEEPA) starting February 24.

President of Uzbekistan meets with U.S. Secretary of Commerce

Economy

The working visit program of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to Washington D.C. began with a meeting with U.S. Secretary of Commerce Howard Lutnick.

Germany Strengthens Economic Engagement in Central Asia

Economy

Germany plans to expand cooperation with Central Asian countries, offering reliability and stability as an alternative to the growing influence of China and Russia. This was stated by Foreign Minister Johann Wadephul following a meeting with regional counterparts in Berlin.

Asia Pharm Group and Novamed Pharmaceutical sign a $6 million agreement

Economy

Within the framework of the official visit of the President of the Republic of Uzbekistan to Islamabad and the Uzbekistan–Pakistan Business Forum, Asia Pharm Group and Novamed Pharmaceutical signed an investment agreement.

Uzbekistan and Turkey Accelerate Transport Flows

Economy

Tashkent and Ankara have reached agreements to simplify international freight transportation within the Middle Corridor, use Turkish ports, and develop the Uzbekistan — Turkmenistan — Iran — Turkey route, said Uzbekistan’s Minister of Transport Ilkhom Mahkamov.

Productive talks held with president of Berlusconi Finanziaria Paolo Berlusconi

Economy

On January 29 in Rome, at the invitation of the Italian side, talks were held between Bekzod Mamatkulov, Chairman of the Founders Board of BMB HOLDING, and his close partner, Paolo Berlusconi, President of BERLUSCONI FINANZIARIA.

EU Tightens the Screws Again: Price Cap on Russian Oil Lowered

Economy

The European Union is further tightening restrictions on Russian oil by lowering the price cap below current market levels.

Easier Policy or Inflation Risks

Economy

The upcoming leadership change at the U.S. Federal Reserve in 2026 could test the regulator’s independence and reshape expectations for global financial markets.

12 Trillion Soums in Violations: Trade and Food Service Lead Uzbekistan's Tax Risks

Economy

The Tax Committee of Uzbekistan has summarized the results of control measures over 11 months of 2025. According to the audit results of 3,305 business entities, violations amounting to a colossal 12.1 trillion soums have been confirmed, with almost two-thirds falling on the trade and public catering sector.

The EU refused to use Russian assets to finance Ukraine

Economy

EU leaders failed to agree on a financing scheme for Ukraine using frozen Russian assets. This was reported in a European Council press release.

China–Kyrgyzstan–Uzbekistan Railway Secures Financing

Economy

A financing agreement for the construction of the China–Kyrgyzstan–Uzbekistan railway has been signed in Bishkek. The document was concluded between the China–Kyrgyzstan–Uzbekistan Railway Company (a joint project company) and a syndicate of banks from the People’s Republic of China, according to the Kyrgyz Cabinet of Ministers.

Central Bank Eases Access to Bank Cards for Minors

Economy

Following social media reports about difficulties minors face when using bank cards, the Central Bank issued clarifications and announced that the issue will be resolved soon.

Bankers and IT Specialists Lead: Updated Income Data in Uzbekistan

Economy

Uzbekistan’s average monthly salary for January–September 2025 amounted to 6.167 million sums, according to data from the National Statistics Agency.

OTS developing unified online trade platform — Turktrade

Economy

The Organization of Turkic States (OTS) is developing Turktrade, a unified digital platform designed to connect logistics companies, manufacturers, and trading houses across the Turkic world. The initiative aims to simplify trade and speed up cargo transportation within the region.

Uzbekistan’s Foreign Trade Volume Reaches $37 Billion in Six Months

Economy

According to preliminary data from the National Statistics Committee, Uzbekistan’s foreign trade turnover amounted to $37 billion from January to June 2025 — an increase of $5.1 billion, or 16.1%, compared to the same period last year.

Bitcoin has set a new record

Economy

On July 14, 2025, Bitcoin surpassed $122,000 for the first time in history, showing rapid growth after months of relative stability. At the peak of trading, the exchange rate reached $122,604, increasing by 2.7% per day and 10.7% over the past week.

Uzbekistan presented initiatives for the digitalization of transport within the framework of the ECO

Uzbekistan

On June 3, 2025, the 13th meeting of transport ministers of the Economic Cooperation Organization (ECO) member states was held in Tehran, the capital of Iran, where issues of digitalization, transit, regional integration, and transport interconnectedness were discussed.

An Austria–Uzbekistan Joint Venture to Be Established in Vienna

Economy

To showcase the investment appeal of Jizzakh region, strengthen cooperation between international and local entrepreneurs, discuss new investment projects, and improve the business environment, the “International Business Forum – Jizzakh 2025” is taking place on April 23–24, 2025 in the Zomin district.