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Today in Russian Business – Oct 7, 2008

Russia’s MICEX last week saw its biggest drop since 1999, falling 19.1%. Heavily hit by the crisis is real estate construction, ‘one of the fastest-growing segments of the economy over the past few years but also one of the most heavily dependent on bank loans.’ The Central Bank has sold almost $5 billion US dollars in an effort to boost the ruble. Russia wants Britain to extradite former Russneft owner Mikhail Gutseriyev so that he can be charged with tax evasion. Moscow’s Mercury Group has bought a controlling stake of Phillips de Pury & Company, the New York and London- based auction house.