Russian research firm the Romir Group has released a new study suggesting that inflation in the country is at roughly 40% – significantly higher than official estimates. The MICEX continues to suffer. Pledging a further $50 billion to increase liquidity in the Russian banking system, Prime Minister Vladimir Putin took a swipe at what he called a financial “contagion” spreading from the US. Polyus Gold has made an offer of $390 million for a 50% stake in KazakhGold. On the effects the credit crunch is having on real estate in St Petersburg. The general financial turmoil could cause land prices to drop, aggravating the already falling price of housing. Private equity firms haven’t given up on Russian opportunities, says this report.