Both Russian stock markets were shut down on Wednesday after stocks went into freefall within the first thirty minutes of trading. The now worldwide credit crunch has obviously found its way to the far corners of the globe, as Russia begins to feel the adverse effects. The MICEX, where most of Russia’s trading takes place, will be inactive until Friday; The RTS index will be suspended until further notice. President Dmitry Medvedev spoke of the current turmoil at a conference in France: “Any crisis is a natural way of resolving contradictions. And it must be used to ‘clean up’ and to extend and maximize the period of growth for our economies.”
Let us hear your thoughts below: