The weekend hasn't started out nicely for Russia. With a report that Georgia has shot down two Russian warplanes, the country's major stock index is down 4.55%, and the Ruble is having its worst decline versus the Dollar since January 10th, 2000. Today's decline in the Russian Trading System index is the 3rd -4% decline in 11 trading days.
As shown in the first chart below, the index has now broken below key support levels and is down nearly 30% from its highs on May 19th.
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