How did the Global Financial crisis impacted economy, businesses and commerce in Russia in 2008 ?

How did the Global Financial crisis impact the economy, businesses and commerce in Russia in 2008?
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International economic crises often affect countries adversely. Countries are affected differently in relation to their economic and business perspectives. The global economic crises affected many economies and those that were unfortunate had a painful dimension of the results. Russia is one economy that was adversely affected by the international global crisis which made their economy, commerce and business plummet at a higher rate. During this period Russia’s earnings from metals and energy declined considerably. They also had a burst in their real estate bubble, failures in the banking sector and mortgage defaults among others. Russia’s condition during this period was disastrous as the level of commerce and business was down locally and international.
The nation’s stock market went down during this period at a high rate of 70% and this made the government to burn down more than 20% of its exchange reserves. Capital outflow was at its lowest at $50 billion and this made the policy makers to make projections of oil at an average of $95 per single barrel and they ended up making forecasts of $50 or low. During this period there were calls by most people in the government to ensure reduced spending to ensure slow build up of the economy.
After the crisis the Russian Stock Market went down by a high margin of 54%, and this mad…