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Russian Stock Market Down 30% Since Georgia Invasion
James Joyner | September 06, 2008Russia's stock market has dropped 30 percent since the country's invasion of Georgia last month. BBC Moscow correspondent Rupert Wingfield Hayes attributes this to a loss of investor confidence and reports that "Some international banks estimating that between up to $20bn (£11bn)in foreign capital has been pulled out of Russia in the last month alone."
Despite this, "Russia is not in any danger of imminent economic crisis. More than $1bn a day flows in from oil and gas exports and Russia is sitting on foreign exchange reserves of more than half a trillion dollars, the third largest in the world."
