The slump in Russia's equity capital markets deepened in the third quarter of this year, as there was only one new listing that raised just $2.7m (€2m), disproving the belief that emerging markets would be isolated from the crisis affecting the US and European financial system

So far this year, there have been only seven initial public offerings by companies in Russia, Kazakhstan and the Ukraine, raising $1.7bn, according to data from The PBN Company, a consultancy focused on the former Soviet states. This is just 6% of the $26.3bn raised at the same point last year through 22 floats.