The Change Mariner

Ruble Falls After Russian Tycoon's Arrest

My Way News:

Confidence in Russia's economy and leadership fell dramatically Monday after the weekend arrest of its richest man, with the ruble losing value against the dollar and shares of the biggest oil producer being pulled from trading because their worth plunged by one-fifth.

President Vladimir Putin defended prosecutors' decision to arrest Russia's richest man, Mikhail Khodorkovsky, whom special forces seized in a stunning operation at a Siberian airport. But fears were high that the move could stall the Russian economy, which recently has seen robust progress back from the 1998 collapse of the ruble.