Russia reels from liquidity crisis

While the US and UK mortgage sectors have been seen as the biggest victims of the liquidity crisis, Russia's lending markets are experiencing equally dire times. In October, the Central Bank of Russia (CBR) lowered the minimum reserve requirements for banks, and made the unprecedented move of accepting banks' credit as collateral for emergency loans.

Meanwhile, lenders including Russian Standard Bank (RSB) have been forced to tighten their loan procedures or temporarily exit the mortgage market.