Trade on both the Russian exchanges had to be temporarily suspended late Tuesday afternoon as shares appeared to be going into free fall, the Moscow Times reports.
The Norwegian Stock Exchange, another oil gas gas-fuelled exchange, on the same day dropped almost six percent (5,78%), E24.no reports. Over the last three months, the Norwegian exchange has dropped more than 30 percent. A number of experts say it will only continue to drop in the time ahead. In Stockholm, the exchange yesterday fell, while the figures are down 8,8 percent over the last month, E24.se reports.
Also Russian banks now experience crisis. The Russian state-controlled banks were hit particularly hard by the fallout from the collapse of investment bank Lehman Brothers in the United States. The VTB shares dropped dramatically 31.1 percent, while Sberbank shares lost 22.7 percent.
Meanwhile, the falling oil prices might add further problems, for both Russia and Norway. Yesterday, the price per barrel declined 9 USD. Among the big losers on the Russian exchanges were petroleum companies Gazprom and Rosneft, which only yesterday were down 18,5 percent and 21,8 percent
