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Opalesque Exclusive: Timely examination of macro context at Russia and CIS hedge funds conference By Benedicte Gravrand, Opalesque London: The Russian Stock Exchange slumped 11% in trading on Tuesday 15th September 2008, and Russia's Federal Service for Financial Markets halted trading after dramatic early falls in Wednesday trading.

Yesterday (Thursday), the country ordered its main stock exchanges closed for another day, according to CNN. President Medvedev pledged a 500bln rubble ($20m) injection into financial markets to restore confidence in the economy – but not all is bad as the government has a huge cash reserve. Russian banks are also tightening their liquidity (Source: CNN).

The Russian stock market is reopening today (Friday).

The whole experience has proved that Russia is not immune from the ills that afflict other markets, reported the BBC. Oil prices, which are now falling, have also taken their toll. "We have sufficient reserves and a strong economy, which guarantees the avoidance of any shocks," President Dmitry Medvedev told a televised meeting of top officials in the Kremlin on Thursday.

Analysts estimate that $36bln in foreign investment has left Russia since early August, the Reuters news agency said earlier this week. Aside from global problems, and falling oil prices, there ......................

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