The spread of consumer finance such as car loans and home mortgages could be affected as result as of the expects shakeout, and some commercial projects are already being hit. Two leading developers, Sergei polo sky-who is building Europe’s tallest skyscraper in Moscow-and st. Petersburg-based Artur kiailemko recently announced a freeze on new projects.
Russian authorities have responded by injecting $44 billion into the three big banks. Rresident Dmitri Medvedev has also pledged to make a further $20 billion from the state budget available to support the stock market. However earlier talk by other officials that some of that some of the nation’s oil windfall should be used to support the stock market has been dropped