The liquidity crisis is being caused by a crisis of confidence in which people are frightened to borrow and frightened to lend.”

Shares in Russia’s biggest state-controlled banks led the slide with Sberbank, the state-controlled savings bank, closing 21.72 per cent down and VTB losing 29.26 per cent. The bank was suffered on investor fears about its securities portfolio, which makes up about 10 per cent of its assets.

Crude sinks as traders await Opec decision
September 10 2008

Ahead of yesterday's meeting in Vienna, Opec members remained divided over whether to reduce production, with Iran supporting a cut while Kuwait expressed opposition to any move.

Ali Naimi, Saudi Arabia's oil minister, said the oil market was "fairly well balanced", which some traders interpreted as a signal that a formal production cut was unlikely.

http://www.ft.com/cms/s/0/12983a2e-7ed0-11dd-b1af-000077b07658.html?nclick_check=1

And people wonder why Russia is trying (and succeeding) to control gas and oil to most of Europe? It's the money, stupid.

Actually, from the recent reports on the Russian economy, it's heading for a train-wreck and Putin is hell-bent on being the "big dog" on the block.