What exactly caused the Russian financial crisis in 2008?

It tends to be hard to define a single "cause" for this kind of phenomenon. However, I can elucidate a number of contingent factors - events that each contributed to Russia's recession in 2008. read more

The combination of these factors lead to the Russian economic crisis of 2008. If I were to speculate on the largest factor of the three, I would say the falling price of Russia's main export - which of course was tightly linked to the global recession of the time. Repercussions Today Not too many. read more

Everyone in the crisis points the finger at others, but not at themselves. The sad truth is that the financial crisis resulted from people speculating on increases in housing prices, and commercial and investment banks that did the same thing, and ignored common sense, which sadly, is not common. read more

In late 2008 during the onset of the crisis, Russian markets plummeted and more than $1 trillion had been wiped off the value of Russia's shares, although Russian stocks rebounded in 2009 becoming the world’s best performers, with the MICEX Index having more than doubled in value and regaining half its 2008 losses. read more