Abkhazia cancels Russian deal amid mass protests and unrest

According to "The Moscow Times," parliamentarians in Abkhazia have decided to abolish the investment agreement with Russia. This decision, which is unfavorable for Russia, comes as a result of numerous protests and the resignation of the region's leader.

Abkhazia, situated between the Black Sea and the Caucasus Mountains, has become a popular destination for Russian tourists. Despite being widely recognized as a part of Georgia, like South Ossetia, it has been under Russian control since the brief conflict with Georgia in 2008.

The Abkhazian parliament voted unanimously, 21 to 0, to cancel the agreement, with two members abstaining, as reported by the Apsny news agency.

The opposition in Abkhazia explained that the agreement offered preferential conditions for investments exceeding 2 billion rubles (approximately $18.8 million) and would have allowed wealthy Russians to purchase local properties extensively.

As "The Moscow Times" highlights, the agreement was signed by the ministers of economy of Russia and Abkhazia in Moscow on October 30. This led to unprecedented societal opposition, with people taking to the streets. Protesters blocked roads and occupied government buildings. They accused former President Aslan Bzhania of prioritizing Russian interests over those of Abkhazia.

Following Bzhania's resignation, the vice president assumed leadership, although Bzhania announced plans to run again in the presidential election scheduled for February 15. Some opposition members have suggested that a revision of the investment agreement might be possible after the elections.

A Russian politician indicated that, due to the protests, relations with Abkhazia might deteriorate, according to "The Moscow Times."

Russian media reported that the Kremlin might be willing to offer "concessions" as part of its broader strategy for dominance in the real estate market in Abkhazia.