Astana: According to Kazakhstan's Deputy Minister of Foreign Affairs Roman Vasilenko, the situation in Ukraine is hurting the country's economy, according to a report in the Portuguese newspaper "Diario de Noticias".

They claim that Kazakhstan's economy is suffering from its effects because of its close ties to the Russian economy.

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"In 2014, when the agreement was signed in Astana, Kazakhstan became a member of the Eurasian Economic Union (EAEU). Additionally, Kazakhstan is home to approximately 9,000 Russian businesses or businesses with a mix of foreign and domestic capital.

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Russia's significant presence is evident when we compare this with the 6,000 European businesses that are present in the nation" added Vasilenko.

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He pointed out that if there are problems in the Russian economy, Kazakhstan's economy will be affected.