Russia's Economy

We may think that economy of Russia could be slowing down but it is actually not for its upper class. With the help of oil money during 1990s, Moscow now has the highest number of billionaires in any capital city all over the world.  These increasingly flush Russians, who enjoy subsidized housing and low taxes, have disposable incomes that dwarf those of Westerners. That's made the nouveau riche a fat target for Web investors - but in an economy rife with corruption, how best to reach them?

At the beginning of the global financial crisis, Russian authorities insisted they had ample cash reserves to weather any storm. But as sorrow has succeeded sorrow plummeting oil prices, a 70 percent descent in stock markets here, a global credit crisis and a slow-motion bank run on this country’s private banks, Russia has had to spend its reserves faster than anybody imagined.

On Aug. 8, reserves peaked at just under $600 billion, the third-largest in the world. By this week, they had fallen to $484 billion, as money flew out of government vaults to support the ruble, prop up the banking system and bail out the businesses of the rich Russians known as oligarchs.

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