The Russia-Ukraine war was the elephant in the room at the inaugural Tashkent International Investment Forum in late March. While not mentioned directly by the speakers, it was clear to anyone that the conflict will impact Uzbekistan as it tries to position itself as a gateway for foreign corporates and investors to the rest of Central Asia.
On Wednesday morning, Russian troops entered Ukraine. As stressed by policymakers in London, Washington, and Brussels, everything is now on the table in terms of further sanctions against Russia. Whatever new measures might ensue-and depending on Russia’s counter-response-the immediate costs and possible risks for investors and corporates in the region have never been…