Abkhazia halts Russian property deal amid public uproar

The Abkhazian parliament has voted to annul the investment agreement with Russia, as reported by "The Moscow Times". This decision, unfavourable for Russia, follows numerous protests and the resignation of the region's leader.

Abkhazia, located between the Black Sea and the Caucasus, has become a popular destination for Russian tourists. While it is widely recognised as part of Georgia, similar to South Ossetia, the region has remained under Russian influence since the brief conflict with Georgia in 2008.

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

The opposition in Abkhazia explained that the agreement would have offered preferential conditions for investments exceeding 2 billion roubles (approximately 15 million pounds) and would have allowed wealthy Russians to acquire local properties on a large scale.

"The Moscow Times" notes that the agreement was signed by the ministers of economy of Russia and Abkhazia in Moscow on 30 October. This sparked an unprecedented public outcry as people took to the streets, blocked roads, and occupied government buildings. They accused the then-president, Aslan Bzhania, of prioritising Russian interests over the needs of the Abkhazian people.

After his resignation, the vice-president assumed office, although Bzhania announced his intention to run in the presidential elections scheduled for 15 February. Some opposition members suggested that a revision of the investment agreement could be possible post-elections.

One Russian politician suggested that, due to the protests, relations with Abkhazia could deteriorate, according to "The Moscow Times".

Russian media have reported that the Kremlin might offer "concessions" as part of its broader strategy to dominate the Abkhazian real estate market.