Russia Approves $36 Billion Loan Plan, Closes Stock Market

The Parliament on Friday passed a law unlocking central bank lending to private banks in a $36 billion bailout, continuing an anti-crisis strategy that has essentially relied on making the government's windfall oil profits available to banks, hoping they will in turn lend to companies and maintain growth.

Meanwhile, the authorities closed both principal stock markets on Friday after Asian shares plunged and European markers followed, in falls that did not augur well for the market here.

In such cases, Russia has taken to closing the market. Shares in Russian companies traded on foreign stock exchanges plunged, however. The FTSE Russia index fell 9.4 percent in the first half hour of trading. Gazprom, Russia's biggest company, fell 11 percent.

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