The Impact of the Global Financial Crisis on Russia

Author(s): Peter Rutland
Editor(s): Jeronim Perovic, Robert Orttung, Matthias Neumann, Heiko Pleines, Hans-Henning Schröder
Series: Russian Analytical Digest (RAD)
Issue: 48
Pages: 2-5
Publisher(s): Center for Security Studies (CSS), ETH Zurich; Research Centre for East European Studies, University of Bremen
Publication Year: 2008

Russia's rosy economic development outlook has been thrown into question by the global financial crisis. The stock market has lost about 60 percent of its value. So far only two banks have fallen into bankruptcy, but industry has suffered from the twin problems of the slump in global commodity markets and the credit crunch. In the short term, the crisis may help Russia reintegrate into the international community following its invasion of Georgia, but in the long term, its fate depends heavily on the price of oil.

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