2008: the global crisis and Russia’s economy

In the autumn, turmoil in international financial markets sharply changed conditions for the Russian economy.

Depositors with placards and people outside a bank.

The global financial crisis brought falling oil prices and capital outflows. Russia’s stock market declined and external financing became harder to obtain. Banks and businesses faced a shortage of liquidity: funds needed to meet obligations on time.

Pressure on the ruble increased. Its depreciation continued into early 2009. The financial crisis affected borrowing and payment conditions. Concern for savings and the reliability of banks once again became part of public life.

Sources

The book celebrating 30 years of I.V.A., pages 49–50 (Russian)

Image from page 50 of the anniversary book. The book does not identify the photographer or exact date.

Bank of Russia: report on crisis measures, 2008–2009 (Russian)

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