• Operations of all financial institutions in Kazakhstan have been suspended, including banks and the stock exchange located in Almaty, as turmoilcontinues to escalate in the country. Dozens of people were killed this morning and 400 were hospitalized as authorities cracked down on protesters that were said to have stormed government buildings. At least a dozen police officers also died, including one who was found beheaded, while more than 350 were injured.Are Kazakhstan riots driving the price of bitcoin?
• Snapshot:The protests began in the country's west but quickly spread to Almaty and the capital Nur-Sultan over a worsening energy crisis and rising fuel prices. Sentiment quickly shifted into anti-government riots, feeding off resentment of three decades of rule by ex-president Nursultan Nazarbayev. While hand-chosen successor Kassym-Jomart Tokayev stripped his powerful predecessor of the role as head of the country's security council earlier in the week, that has failed quell the demonstrators' anger, with Nazarbayev still widely seen as the main political force in the country and believed to control much of the economy.
• Following an internet blackout and airport capture, Russia sent in paratroopers under the Collective Security Treaty Organization, which also includes former Soviet states like Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan. Kazakh President Kassym-Jomart Tokayev had appealed for the help, blaming foreign-trained "terrorist" gangs for the violence. The move marks the second action by the Kremlin in as many years to bolster an ally facing unrest, after supporting Belarusia's Alexander Lukashenko in 2020.
• On watch:Kazakhstan has the largest proven oil reserves in the Caspian Sea region and is a big crude exporter, but perhaps more important than global energy markets, the country accounts for around 40% of global uranium production. Stocks linked to the radioactive metal are climbing on the news as the situation goes from bad to worse. Shares of Cameco(NYSE:CCJ)isup 17%since the protests began, and isup another 4%premarket, while volumes of Sprott Physical Uranium Trust(OTCPK:SRUUF)has already eclipsed prior record highs.
• Other premarket movement:Uranium Energy(NYSE:UEC)+5%, Energy Fuels(NYSE:UUUU)+3.5%, Denison Mines(NYSE:DNN)+3%, Ur-Energy(NYSE:URG)+2.8%, Uranium Royalty(NASDAQ:UROY)+1%.