The central bank’s decision to let the ruble fall has forced it to raise interest rates to 12% to prevent the currency’s complete collapse. The allocation of government funds in liquidity-boosting loans will be overseen by a group of specially-appointed ‘commisars’. Russia’s private pension funds have seen a 23% decline in the first nine months of 2008. The Baikalsk paper and pulp mill, owned by Oleg Deripaska, which has been polluting Lake Baikal for forty years, has halted production after years of pressure by activists.
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