Most news from Russia at present surrounds the MICEX exchange, which is having some difficulty keeping its doors open as stock markets worldwide reflect a nervous sentiment on the part of the investor.

And now the contagion has begun to impact upon the Russian auto industry. Here is news that both GAZ and KamAZ are to restrict production, with KamAZ instituting a four day working week until December.

Remember when everyone was suggesting that growth in the Russian - and the Eastern European - markets would mitigate the contraction in the West? We're very glad that we didn't say that, because, as assertions go, it looks a bit foolish now.