Russian leaders are hoping that the launch of the country's first major Caspian Sea off-shore energy development project will re-invigorate the Kremlin's overall oil-and-gas strategy for the region.

Kazakhstan's parliament is mulling legislative changes that would bestow vast, new powers on the incumbent president, Nursultan Nazarbayev. In addition to granting Nazarbayev the title of "leader of the nation," he would gain the right to intervene in politics after he officially retired from the presidency and would enjoy enhanced immunity from prosecution.

Moody's Investors Service has concluded its review for possible downgrade of six Kazakh financial institutions with the downgrade of the ratings of five financial institutions.

The proposal protects Nazarbaev from any prosecution for criminal wrongdoing

Kyrgyzstan's interim government said Tuesday it had launched a criminal inquiry into firms supplying fuel to the U.S. air base in the Central Asian nation, which prosecutors say belong to the family of its ousted leader.

Bakiyev said Russia is anger over his decision to keep open U.S. air base