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Russian shares drop sharply

Shares in Russia slid further yesterday, extending losses to more than 20 per cent this month, confirming its reputation of one of the world’s most volatile markets. While the FTSE All World Emerging index fell 9.7 per cent from its 1 June peak, Russia’s RTS has tumbled 21 per cent since 2 June, including a 2.94 per cent slide yesterday. The rouble-based Micex has fallen 24 per cent since its 1 June peak. Russia’s economy is predicted to contract more than seven per cent next year.