Media Blog

Russian Economy Watch

Russia’s stock markets are closed until Friday:

MOSCOW (AP) – News agencies are quoting Russia’s finance minister as saying trading on Russian exchanges won’t resume until Friday.

ITAR-Tass and Interfax are also quoting Alexei Kudrin on Thursday as saying that Russia’s three largest banks will be getting an extra $2.36 billion to help bolster the financial markets.

The move comes a day after financial regulators halted trading on the MICEX and RTS exchanges as Russian share plummeted to their lowest points in nearly three years.

MICEX opened for limited trading on Thursday, but RTS remained closed.

Financial regulators and government officials were struggling to keep the crisis now battering Russia’s economy from turning into a repeat of the 1998 meltdown.