Executive Summary: Terrorist groups in Pakistan frequently use high-denomination currency to finance their operations. Permitting a large number of high-value notes to be in circulation makes it easy for bad actors to transfer considerable amounts of money without a digital footprint, making illicit activities easier... MORE

Executive Summary: Azerbaijan and Pakistan signed a $1.6 billion arms deal in September to supply Azerbaijan with the joint Pakistani-Chinese JF-17 Thunder Block III fighter jets, strengthening the military partnership between Islamabad and Baku. In the last several years, Baku has been diversifying its international... MORE

Executive Summary: Mir Abdul Nabi Bangulzai is a well-known and well-liked Baloch guerrilla commander who gained renown for having been mistakenly declared dead in 2016 following a raid by the Pakistani military. Since then, Bangulzai has become a key figure in reconciling disparate Baloch militant... MORE

Executive Summary: Pakistan and Russia are discussing a potential liquefied natural gas pipeline (LNG) to deliver Russian LNG to Pakistan, opening another market for Russia’s sanctions-bound energy industry. Another project that Pakistan is working on is the Iran-Pakistan (IP) pipeline, which has faced numerous obstacles... MORE

Executive Summary: On May 27, Pakistani security forces conducted a raid that appears to have killed Abbas Betani, a commander in the Pakistani Taliban (TTP). While Betani was a prominent middle-level commander at the time of his death, members of his tashkeel (fighting unit) from... MORE

Executive Summary: Earlier this month, a critical section of the Turkmenistan–Afghanistan–Pakistan–India (TAPI) gas pipeline project was inaugurated on the border between Turkmenistan and Afghanistan. The pipeline aims to reshape the energy landscape in Central and South Asia. The primary reason behind the project delays has... MORE

Executive Summary: In April, Pakistan and Iran agreed to station liaison officers at their mutual border to coordinate counter-terrorism efforts. Border cooperation will likely reduce local militancy and improve ties between the two states. In January, Pakistan and Iran launched surprise strikes on one another,... MORE

Executive Summary: On March 7, India's Ministry of Home Affairs designated 41-year-old Kashmiri militant Mohammad Qasim Gujjar as a terrorist. Gujjar has been involved in multiple high-profile attacks, financed and supplied arms to terrorists, and is a major recruiter for the Pakistan-based Lashkar-e-Taiba. Gujjar has... MORE

Executive Summary: Azerbaijani President Ilham Aliyev’s visit to Islamabad and the trilateral meeting of Azerbaijan, Pakistan, and Türkiye in early July highlight growing cooperation in various fields among the three countries in trying to gain more influence over regional trade and transit. Baku and Ankara... MORE

Executive Summary: Ant Group’s strategy since the fallout from its canceled IPO in 2020 and subsequent crackdown on the fintech sector has seen it seek opportunities while capturing projects within the People’s Republic of China (PRC) that are aligned with government priorities. Key markets for... MORE