Russian Markets Lose $26 Billion Over Dubai World Default News

Dubai World state fund that found itself on a brink of default nearly caused a new world crisis. Due to the information about a possible collapse of the international logistics center, Russian stock market lost approximately $26 billion within a few minutes, experts say.

The panic did not last long, and the Russian ruble only lost 20 kopeks.

Yet, the experts believe that the Russian ruble may lose 10% of its value by the end of the year and another 10% in the first quarter of the next year.

This will cause stagnation of the Russian economy and a possibility of a new devaluation, Russian papers writes.

According to Russian officials, there is nothing bad in the situation for Russia. Yet, Nezavisimaya Gazeta newspaper says that experts think there might be other problems. For example, China is also experiencing consumer credit boom, and events similar to those in Dubai may happen there as well.