MOSCOW — Rattled by falling oil prices and the war in Georgia, Russia’s stock market has slumped so severely that it now threatens the country’s oil-fueled boom of recent years
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The benchmark RTS index has lost 46 percent of its value since its peak in May, representing a paper loss of about $700 billion for Russian companies. Much of that decline has come since the war in Georgia and the subsequent war of words with the United States and Europe that unsettled foreign investors
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On Friday the RTS, which peaked in May at 2,487, rebounded slightly
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While initially seen as a problem confined to the Russian stock market, which is volatile in the best of times
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“It’s a classic squeeze,” said Roland Nash
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The underlying problem for the Russian stock market is that about 80 percent of the shares are in companies exporting commodities with a history of boom-bust cycles. Additionally, the risk premium for investing in Russia has risen with the war.
It is unclear which problem caused more damage. In one indication that Russian politics lubricated the market slide here
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