Former ENRC Chief Executive Says Unresolved Financial Obligations Could Raise Questions About Kazakhstan’s International Business Reputation.

Following his interview with EU Today, Felix Jeff Vulis discusses his outstanding financial claims, his relationship with Kazakhstan and why he intends to bring the matter to the attention of President Kassym-Jomart Tokayev.

For more than three decades, Felix Jeff Vulis has maintained close professional ties with Kazakhstan, a country whose transformation into a major international mining and industrial economy he witnessed firsthand.

His relationship with Kazakhstan began in the 1990s, when he helped introduce the country’s economic potential to American investors. In 2001, he joined Eurasian Natural Resources Corporation (ENRC), eventually becoming Chief Operating Officer and then Chief Executive Officer.

Under his leadership and that of his colleagues, ENRC expanded internationally, listed on the London Stock Exchange in 2007 and entered the FTSE 100, becoming one of Kazakhstan’s most prominent industrial companies.

But the relationship between Vulis and the group that subsequently became Eurasian Resources Group (ERG) has taken a different direction.

In a September interview with EU Today, Vulis described his years at ENRC, the challenges of corporate governance and the impact of the British Serious Fraud Office investigation, which ended in 2023 without charges.

He also raised a question that had remained largely outside public discussion: financial and contractual obligations that he believes ERG and related entities have failed to honor.

The first interview concluded with Vulis maintaining that ending a corporate position would not eliminate previously established financial obligations.

Now, in this proposed continuation, Vulis addresses the outstanding claims more directly and explains why he intends to seek the attention of Kazakhstan’s highest political authorities.

The unresolved financial questions

EU Today: In your previous interview, you spoke about financial obligations that you believe remain outstanding. What exactly are you referring to?

Felix Vulis: Throughout my many years with ENRC, I held significant executive responsibilities and worked under various contractual and financial arrangements.

My position is that certain obligations arising from those arrangements have not been fulfilled. These matters include remuneration and other financial entitlements associated with my professional relationship with the group.

I believe the relevant documentation should be reviewed and the legitimate outstanding obligations settled.

EU Today: Are we talking about a substantial amount of money?

Felix Vulis: I would prefer not to discuss specific figures publicly at this stage. There are financial calculations, contractual documents and correspondence that need to be considered.

This is not simply about a number. It is about respecting agreements and commitments.

EU Today: Has ERG been given an opportunity to resolve these matters privately?

Felix Vulis: My preference has always been to resolve outstanding issues through professional discussions rather than public confrontation.

I believe that an agreement remains possible if the relevant parties are prepared to examine the documentation and engage constructively.

But after so many years, I also believe that unresolved obligations cannot simply remain unanswered indefinitely.

Why the president of Kazakhstan?

EU Today: You have indicated that you intend to bring this matter to the attention of Kazakhstan’s President, Kassym-Jomart Tokayev. Why?

Felix Vulis: Because Kazakhstan is not an ordinary country in my professional life.

My relationship with Kazakhstan began long before I joined ENRC. I have spent decades working with its industries, institutions and people.

I have enormous respect for the country and its economic achievements.

At the same time, the Republic of Kazakhstan is an important shareholder in ERG. I believe that shareholders, particularly those representing a sovereign state, have a legitimate interest in ensuring that companies associated with them respect their financial and contractual commitments.

I intend to inform President Tokayev about my situation and explain why I believe these outstanding obligations deserve attention.

EU Today: Are you asking the President to intervene personally in a private financial dispute?

Felix Vulis: I am not asking the President to act as a judge or to assume responsibility for obligations that legally belong to a corporate entity.

I am asking for attention to a matter that I believe deserves a fair and professional review.

Kazakhstan has worked hard to establish itself as a reliable destination for international investment. That reputation depends, among other things, on confidence that legitimate business commitments will be respected.

EU Today: Do you believe the matter could damage Kazakhstan’s international reputation?

Felix Vulis: I sincerely hope it does not.

Under President Tokayev, Kazakhstan has made important efforts to strengthen its international standing, attract foreign investment and build confidence among its economic partners.

I recognize and appreciate those efforts.

However, when a former chief executive of one of the country’s most internationally recognized industrial groups raises unresolved financial claims, questions can arise about corporate governance and the treatment of contractual obligations.

I believe the best way to avoid unnecessary reputational questions is to examine the matter fairly and resolve legitimate claims.

The international dimension

EU Today: You are an American citizen. Could this matter also be raised in the United States or Europe?

Felix Vulis: As an American citizen, I have the right to protect my legitimate financial and contractual interests through the appropriate legal channels.

If a reasonable settlement cannot be reached, I intend to explore every lawful avenue available to me, including bringing the matter to the attention of relevant European institutions in Brussels and appropriate authorities in the United States.

That may include the US Department of State and the US Department of the Treasury, where there is a relevant basis for doing so.

I would much prefer that such steps prove unnecessary.

EU Today: Would you also approach European political institutions?

Felix Vulis: I reserve the right to raise the matter with appropriate European institutions, including the European Council, through lawful procedures and established channels.

My objective would be to explain my position and seek appropriate consideration, not to turn a private commercial matter into an international political confrontation.

EU Today: Some people might interpret these statements as pressure on ERG. How would you respond?

Felix Vulis: I am simply explaining the options that may be available to someone seeking to protect his contractual rights.

I have no interest in harming Kazakhstan or creating unnecessary difficulties for its international partners.

But I also do not believe that a person should be expected to abandon legitimate financial claims simply because the other party is a large and influential corporation.

Kazakhstan beyond ERG

EU Today: Has this experience changed your opinion of Kazakhstan as a place to do business?

Felix Vulis: No. My respect for Kazakhstan remains unchanged.

I still believe it has extraordinary economic potential, particularly in mining, critical minerals, energy, infrastructure and industrial development.

Its strategic position between Europe and Asia creates opportunities that extend far beyond the extraction of natural resources.

The country has the industrial experience, human capital and geographic advantages necessary to attract significant long-term investment.

That is precisely why I believe questions of contractual reliability and corporate governance matter so much.

EU Today: What message would you like President Tokayev to take from your letter?

Felix Vulis: That I remain a friend of Kazakhstan.

I am proud of the work we accomplished there, and I appreciate the efforts of the President to strengthen the country’s international credibility.

I hope the relevant parties will examine my claims seriously and help facilitate a fair resolution within the appropriate corporate and legal framework.

The strongest message Kazakhstan can send to international investors is that legitimate commitments are respected and contractual obligations are fulfilled.

The final question

EU Today: What would you say directly to ERG’s leadership today?

Felix Vulis: I would say that there is still an opportunity to resolve these matters professionally.

We have a long shared history. I spent an important part of my life helping build this company into an internationally recognized industrial group.

I would prefer to conclude our outstanding business through dialogue, mutual respect and fulfillment of legitimate obligations.

But I also intend to protect my rights.

I believe the responsible course is to sit down, review the facts, address the outstanding financial questions and reach a fair conclusion.

EU Today: What would you say to your former employees in Kazakhstan?

Felix Vulis: Thank you.

People sometimes talk about corporations as if corporations build factories.

They don’t.

People build factories.

People operate furnaces. People go underground. People run power stations. Engineers solve problems at three in the morning.

Whatever disagreements exist today cannot erase what those people accomplished.

I remain extremely proud of having worked with them.

EU Today: After years of silence, why should ERG believe that this time is different?

Felix Vulis: Because I am speaking now.

For years I chose discretion.

That was a conscious choice, not an inability to speak.

I continue to believe that a negotiated solution is better for everybody: for me, for ERG, for its shareholders and for everyone associated with our shared history.

But negotiation requires two sides.

EU Today: What exactly do you want?

Felix Vulis: A table.

The appropriate representatives.

The documents.

A serious discussion about everything that remains outstanding.

And then a comprehensive settlement that allows everybody to close this chapter.

EU Today: An apology?

Felix Vulis: No.

A solution.

EU Today: Revenge?

Felix Vulis: Absolutely not.

Revenge is emotional.

This is business.

EU Today: And if ERG refuses?

Felix Vulis: Then I will continue to defend my rights through every lawful mechanism available to me.

And where I am legally entitled to speak about my own experience, I reserve the right to do so.

EU Today: Is that a threat?

Felix Vulis: No.

It is clarity.

There is still an opportunity to resolve this privately and professionally.

I would prefer that.

After more than twenty years of shared history, I think sitting around a table is a much more intelligent ending than spending the next several years sitting opposite each other in courtrooms.

EU Today: If the people running ERG read only one sentence from this interview, what should it be?

Felix Vulis: Call me.

Let’s sit down and finish this properly.

Kazakhstan President Kassym-Jomart Tokayev has used the Shanghai Cooperation Organisation summit in Bishkek and a wide-ranging interview with China’s Xinhua news agency to set out a closely connected vision of Kazakhstan’s foreign policy — combining deeper economic and technological cooperation with China with a broader commitment to multilateralism, Eurasian connectivity and reform of global institutions.

Speaking as leaders gathered in Bishkek for the 26th meeting of the Shanghai Cooperation Organisation (SCO) and its SCO Plus format, Tokayev presented Kazakhstan as both a committed regional partner and an increasingly active “middle power” seeking to bridge geopolitical divisions.

His summit remarks were reinforced by an exclusive written interview with Xinhua, published on 1 September, in which the Kazakh leader described relations with China as being at an “unprecedentedly high level” and said Astana intended to continue strengthening what the two countries describe as an “eternal comprehensive strategic partnership”.

Taken together, the two interventions offer a clear picture of Kazakhstan’s current diplomatic strategy: maintain close relations with its major neighbours, promote trade routes linking Asia with Europe, embrace technological cooperation and at the same time argue for international relations based on dialogue rather than confrontation.

China partnership moves beyond traditional trade

In his Xinhua interview, Tokayev stressed that Kazakhstan-China relations now extend well beyond traditional energy and commodity ties.

Cooperation encompasses trade, investment, transport, industrial production, agriculture, digitalisation, healthcare, science, education and culture, he said. China is now Kazakhstan’s largest foreign trading partner, while transport and logistics have assumed an increasingly strategic role.

That emphasis is particularly significant for Europe.

Kazakhstan occupies a central geographical position between China and European markets, and Tokayev argued that the country was working with China to transform that location into a modern Eurasian transport and logistics network.

He specifically highlighted the Belt and Road Initiative, new railway construction, dry ports, logistics terminals and modernisation of border infrastructure.

Central to this strategy is the Trans-Caspian International Transport Route, commonly known as the Middle Corridor, which links China with Europe through Kazakhstan, the Caspian Sea, the South Caucasus and onward towards European markets.

Tokayev described making the route more competitive as a shared priority, pointing to “smart customs”, digital documentation, interconnected information systems and automated border procedures as necessary elements in reducing transit times.

That message closely reflected his position at the SCO summit, where Kazakhstan again offered to help develop transport initiatives throughout the organisation and called attention to the potential integration of the Belt and Road Initiative, Middle Corridor, North-South Corridor and routes connecting Central and South Asia.

For the European Union, which has increasingly sought alternative and resilient connections with Central Asia and China, the development of the Middle Corridor gives Kazakhstan an importance that extends considerably beyond the size of its domestic economy.

Artificial intelligence becomes a new pillar

Tokayev also placed technology and artificial intelligence near the centre of the emerging Kazakhstan-China relationship.

China's position in AI, robotics, digital technology, new energy and advanced manufacturing complements Kazakhstan's own ambition to accelerate its digital transformation, he argued.

Kazakhstan has declared 2026 its Year of Digitalisation and Artificial Intelligence, and Tokayev referred to meetings with leading Chinese technology companies during his recent participation in the World Artificial Intelligence Conference in Shanghai.

He said there was mutual interest in projects involving the digital economy, intelligent manufacturing, e-commerce, research and skills development.

The subject moved seamlessly from the bilateral interview into Tokayev's multilateral message in Bishkek.

Addressing the SCO Plus meeting, he warned that global stability increasingly depends upon the responsible development of artificial intelligence and called for universal rules capable of encouraging innovation while preventing uncontrolled use and narrowing the digital divide.

Kazakhstan is also establishing an Asia-Pacific digital solutions centre in Almaty under the auspices of the UN Economic and Social Commission for Asia and the Pacific, which Tokayev said should help developing countries gain access to technological expertise.

In his Xinhua interview he went further, arguing that AI should ultimately serve humanity as a whole and that countries should have equitable access to technology, knowledge and computing resources. Kazakhstan was among the founding participants this year in a new international AI cooperation initiative launched in Shanghai.

The ‘Shanghai spirit’ as an alternative to bloc politics

Underlying both the interview and Tokayev's summit speech was a wider political argument.

The Kazakh president portrayed the SCO not simply as an economic or security grouping but as a potential model for cooperation between states with different political systems and interests.

In Bishkek, he said the organisation's principles of equality and consensus had become a “gold standard” for multilateral cooperation. He proposed that core SCO principles should ultimately be reflected in a UN General Assembly resolution linked to the International Day of Multilateralism and Diplomacy for Peace.

The formulation is consistent with Kazakhstan's long-standing attempt to avoid being drawn exclusively into competing geopolitical camps.

Tokayev reiterated that Kazakhstan would maintain what he described as a balanced, constructive and peaceful foreign policy, while arguing that the international order should move away from the “cult of force and confrontation” towards collective responsibility and long-term cooperation.

In his interview with Xinhua, he similarly said Kazakhstan and China shared support for the central role of the United Nations, international law, mediation, multilateralism and the peaceful resolution of conflicts.

A stronger voice for middle powers

One of the more significant elements of Tokayev's Bishkek intervention was his argument that responsible middle powers should have greater influence within global governance.

With tensions between major powers putting pressure on existing international institutions, Tokayev suggested countries such as Kazakhstan could facilitate dialogue between competing centres of power and help develop collective solutions.

“Kazakhstan is ready to actively contribute to this process,” he told the summit.

At the same time, he resisted suggestions that shortcomings within the United Nations justified weakening the organisation.

Despite criticism of the UN, Tokayev said there was no viable alternative to it. Kazakhstan's position, he argued, was that the UN should remain at the centre of the international system and that its Charter should continue to provide the universal foundation of international law.

The President called for closer interaction between the UN and regional organisations such as the SCO, stronger preventive diplomacy and greater emphasis on peaceful settlement of disputes.

Water security joins the global agenda

Tokayev also used the summit to promote another issue of growing importance to Central Asia: water.

Climate pressures, population growth and competing demands on shared water resources make the issue increasingly important to Kazakhstan and neighbouring states.

Tokayev proposed creating an International Water Organisation under UN auspices, arguing that although numerous UN bodies deal with water, no universal intergovernmental organisation currently has a comprehensive mandate.

He also proposed an SCO Water Problems Analysis Centre as a regional complement to such a global organisation.

The proposal fits into Kazakhstan's broader effort to move environmental and resource-security questions higher up the international agenda.

A Eurasian crossroads

Perhaps the strongest thread connecting Tokayev's interview with his SCO appearance is Kazakhstan's determination to turn geography into diplomatic and economic influence.

Astana is simultaneously strengthening its relationship with Beijing, maintaining important relationships with Russia and other neighbours, developing transport corridors towards Europe, expanding cooperation with Western partners and presenting itself as an advocate of multilateral diplomacy.

Tokayev's description of relations with China therefore carries a wider meaning.

He quoted a Kazakh proverb in the Xinhua interview: “Those travelling the same road share a common destiny.”

Yet the message emerging from Bishkek suggests Kazakhstan sees that road not as one running exclusively eastwards towards China, but as part of a much larger network connecting East and West.

As competition between the world's major powers becomes more pronounced, Kazakhstan is attempting to position itself at the centre of those connections — geographically through trade and transport corridors, technologically through digital cooperation, and diplomatically through its advocacy of multilateralism.

For Europe, that makes developments in Kazakhstan-China relations increasingly relevant. The more successfully Kazakhstan develops the Middle Corridor and other east-west transport links, the more the country becomes not simply a Central Asian partner but a strategic gateway connecting European and Asian economies.

And that, ultimately, appears to be the common theme running through Tokayev's words both to Xinhua and to the leaders assembled at the SCO summit: Kazakhstan believes its future influence will come not from choosing between competing blocs, but from connecting them.

EU Reporter journalist Derya Soysal was among the members of the press given direct access to President Kassym-Jomart Tokayev in Astana after he cast his vote in Kazakhstan’s first elections to the newly established Kurultai — an opportunity that offered a rare first-hand insight into the President’s thinking on political reform, government, youth, artificial intelligence and the country’s future direction.

For a journalist covering the rapidly changing political landscape of Central Asia, there are moments when being in the room matters.

For EU Reporter journalist Derya Soysal (pictured with President Kassym-Jomart Tokayev) Kazakhstan’s historic Kurultai election provided precisely such an opportunity.

After President Kassym-Jomart Tokayev cast his vote in the country’s first election to the newly established Kurultai, Soysal was among the journalists with privileged access to the President during the press briefing that followed.

It gave EU Reporter a first-hand opportunity to hear Tokayev address some of the most important questions facing Kazakhstan as the country enters a new political chapter.

The exchanges went far beyond election day itself.

Questions ranged from the consequences of constitutional reform and the creation of the Vice Presidency to the future composition of the government, the role of younger politicians and the increasingly important place of artificial intelligence in Kazakhstan’s economic and social development.

The result was a revealing picture of how Tokayev sees the next phase of his country’s transformation.

A historic political moment

Tokayev himself described the election as a historic milestone and the beginning of a new stage in Kazakhstan’s development.

The establishment of the Kurultai forms part of a much broader restructuring of the country’s political institutions.

During the briefing, the President was questioned about what ordinary citizens should expect from the constitutional reforms, how the newly created Vice Presidency would operate and what role the Kazakhstan People’s Council would play.

Tokayev portrayed the changes as essential components of a renewed political system.

He stressed the importance of the Vice Presidency as an institution capable of supporting effective governance during difficult periods, while describing the Kazakhstan People’s Council as a mechanism intended to strengthen public participation and national cohesion.

But the President’s vision was not restricted to political architecture.

He also pointed to ambitious infrastructure and development programmes encompassing healthcare facilities, rehabilitation centres, urban modernisation and environmental projects.

The question everyone wanted answered

Among the most politically sensitive questions put to Tokayev concerned his own future.

Could he stand again for President?

Following recent constitutional developments concerning his eligibility for a future presidential election, journalists pressed Tokayev on whether he intended to seek another term.

His response was deliberately cautious.

While acknowledging that the legal possibility exists, Tokayev rejected speculation about a future campaign as premature.

Instead, he argued that Kazakhstan should be concentrating on the immediate challenges of modernisation, economic growth, social development and stability in an increasingly unpredictable international environment.

It was a response that sought to move attention away from political succession and back towards the governing agenda.

What kind of politicians does Kazakhstan need?

Soysal’s access to the presidential briefing also provided an opportunity to hear Tokayev set out his expectations of the people who will serve in the new political institutions.

Asked what qualities Kurultai deputies should possess, the President emphasised responsibility and accountability.

Members, he said, should be judged by the quality of the legislation they adopt, whether they fulfil promises made to voters and whether the programmes they pursue genuinely contribute to Kazakhstan’s development.

A recurring theme throughout the briefing was generational change.

Tokayev again argued that Kazakhstan needs younger people to play a greater role in public life.

New faces and new thinking, he suggested, will be essential if the country is to maintain momentum in the years ahead.

A new government — but not change for change’s sake

The creation of the Kurultai also has consequences for the government.

Journalists therefore questioned Tokayev about the future administration and whether Kazakhstan should expect major personnel changes.

The President praised the work of the existing government but confirmed that changes would come.

At the same time, he cautioned against replacing officials simply to create the appearance of political renewal.

For Tokayev, modernisation appears to mean continuous institutional renewal rather than political theatre: bringing in new energy and expertise where necessary while retaining effective administration.

Was the election genuinely competitive?

Another important exchange concerned political competition.

Asked whether the campaign had demonstrated genuine competition, Tokayev pointed to televised debates, public engagement and particularly strong interest among younger voters.

He characterised the electoral process as another milestone in Kazakhstan’s continuing political modernisation and said the campaign had brought new political voices and new ideas into public debate.

For an international audience, however, the question of political pluralism remains one of the key issues against which Kazakhstan’s reforms will ultimately be judged.

The significance of the new institutions will therefore depend not only upon their constitutional design, but on how independently and effectively they operate in practice.

The generation that will inherit Kazakhstan

Young people repeatedly returned to the centre of the discussion.

With a significant number of younger candidates participating in the electoral process, Tokayev was asked whether this generation could genuinely transform the country’s political system.

His answer was notable for combining optimism with a measure of realism.

He acknowledged that not every young official promoted into senior positions in recent years had been successful.

Nevertheless, Tokayev insisted that Kazakhstan must continue putting its confidence in younger generations.

For a country with a comparatively young population, he suggested, long-term success will depend heavily upon the responsibility, engagement and leadership of its youth.

Politics is also about culture

Some of the most revealing exchanges witnessed by Soysal moved beyond constitutions and elections.

Tokayev was questioned about his repeated calls for greater civic responsibility, discipline, respect and public ethics.

The President argued that national modernisation cannot be measured solely in economic growth rates or institutional reforms.

It also requires changes in behaviour and public culture.

He connected those ideas with the Taza Kazakhstan initiative, explaining that cleanliness should be understood both literally and symbolically — encompassing respect for public spaces but also ideas of dignity, moral responsibility and civic consciousness.

From smartphones to artificial intelligence

Perhaps the most forward-looking discussion concerned Kazakhstan’s digital ambitions.

Artificial intelligence has become a central part of Tokayev’s political and economic agenda.

Asked to assess progress in digitalisation, the President argued that Kazakhstan had already completed an important first stage in constructing a digital state by making electronic public services widely accessible.

Citizens can now carry out administrative tasks from home that once required lengthy bureaucratic procedures.

But Tokayev made clear that he regards this as only the beginning.

The next challenge, he said, is to move artificial intelligence and digital technology beyond conferences, presentations and policy documents and turn them into instruments that deliver practical economic benefits.

He highlighted entrepreneurs, farmers and regional communities as groups that should increasingly be able to use technology to improve productivity and generate income.

His message was strikingly simple: the smartphone should no longer be regarded merely as an entertainment device but as an instrument of economic opportunity.

The value of being in the room

For EU Reporter, Soysal’s participation in the presidential briefing provided something increasingly valuable in international reporting: direct access to the political decision-maker at the centre of the story.

Rather than interpreting Tokayev’s position through official statements alone, she was able to witness at first hand how the President responded when confronted with questions about political succession, institutional change, government performance and the expectations of Kazakhstan’s younger generation.

Soysal’s access is particularly significant at a moment when Kazakhstan is seeking to redefine both its domestic political institutions and its place internationally.

The country occupies an increasingly important strategic position between Europe and Asia, while its economic, energy and diplomatic relationships with the European Union continue to develop.

Understanding the direction Kazakhstan takes therefore matters well beyond its own borders.

A country debating what comes next

What emerged from the presidential exchange in Astana was not simply a discussion about one election.

It was a debate about what kind of Kazakhstan should emerge from the reforms now under way.

How much influence will the new institutions exercise?

Will younger politicians genuinely reshape public life?

Can artificial intelligence translate into economic opportunity outside Kazakhstan’s major cities?

And how far will political modernisation alter the relationship between the state and its citizens?

Those questions will not be answered by one election or one presidential press briefing.

But Derya Soysal’s privileged position inside that briefing gave EU Reporter readers a valuable first-hand view of how Kazakhstan’s President himself answers them.

As the first Kurultai begins its work, the importance of the election may ultimately be judged not by the symbolism of its creation, but by what Kazakhstan’s new political institutions actually deliver.

For the moment, however, one thing is clear: the country has entered a new phase, and the political conversation about what comes next has already begun.

Derya Soysal is an EU Reporter journalist covering European and international affairs. She attended President Kassym-Jomart Tokayev’s press briefing in Astana following his vote in Kazakhstan’s first Kurultai elections.