he Russian stock, bond and currency markets collapse as a result of fears for a ruble devaluation and a default on domestic debt. These fears had arisen during the previous months due to ongoing interest rate rises, capital outflows and the corresponding erosion of investor confidence in emerging markets. Annual yields on ruble-denominated bonds rise to more than 200%. Furthermore, the stock market is closed down for 35 minutes when stock prices fall sharply. Stocks have lost more than 75% of their value since the beginning of the year