Today in Russian Business – Sept 22, 2008

The Finance Ministry’s original list of three banks that would receive emergency budget funding has stretched to twenty eight, to offset damage done to liquidity in the banking sector by last week’s stock market tumbles. Alexei Kudrin has revealed that the financial crisis may have cost Russia as much as $15 billion in capital flight thus far. The crisis may provide oligarchs with prime opportunities for buying cheap shares, suggests this report. The UK Telegraph gives a summary of countries affected by the crisis, hinging Russia’s recovery on the price of oil. Read the FT on Russia’s ‘cooling’ car market, which could be weakened further by the falling oil price. Read an interview with the owner of steel company Severstal, who insists that Russia’s relations with the West remain intact.