Putin Promises to Help Sliding Russian Economy

Georgian war spooked foreign investment, destabilized economy

(NEWSER) - The credit crisis has officially reached Russia, revealing just how fragile the Russian economy is, BusinessWeek reports. Stocks fell so much this week that the government today suspended both exchanges to stem further loss. But the country's reliance on foreign cash—disappearing as investors flee—is bound to affect more than stock prices. "The flight of capital has exposed the complete dearth of domestic investment," says a Russian telecom company's director of investor relations. More»

Russian activists seek to build on neighborhood victories

(NEWSER) - Russia's presidential election has left Vladimir Putin's grip on power intact , but in Moscow, his opponents are trying to take control of the streets—and the parks, and the garbage collection. Scores of opposition activists won seats on the capital's 125 district councils, and they aim to use that foothold to build power from the ground up, inspiring other cities along the way, the Wall Street Journal finds. The 71 newly elected deputies hail from the months-old "Our City" coalition, and make up 4.5% of the 1,560 district council members. More»

Also says McCain 'nuts', protesters wearing condoms

(NEWSER) - Protesters be damned, Vladimir Putin outright rejected calls for new elections today in a marathon appearance on a call-in show. Instead, notes the AP , he continued to place the blame for the widespread protests on the West's "well-organized pattern of destabilizing society," adding that they "still fear our nuclear potential," and that Russia's "independent foreign policy" is "an impediment for some." Putin's characteristically bellicose appearance carried a number of gems, and could spark some backlash:

• On John McCain's tweet that 'the Arab Spring is coming to a neighborhood near you': "He has the blood of peaceful civilians on his hands, and he can't live without the kind of disgusting, repulsive scenes like the killing of Gadhafi. Mr. McCain was captured and they kept him not just in prison, but in a pit for several years. Anyone (in his place) would go nuts."

Authorities say 25K; media put it at 5K or fewer

(NEWSER) - Authorities said 25,000 people attended a pro-Putin rally yesterday in Russia, but the real number was "not even close" to that amount, reports the New York Times —and many of the attendees weren't there of their own free will. "Apparently it’s our duty. We’re supposed to make up the masses," says an accountant who claims she was "forced to come." Another, amid expletives, complained that classes were canceled in order for students to attend. More»

May lose majority in parliament

(NEWSER) - Vladimir Putin's grand plans to be Russia's next president may have hit a snag: The PM's United Russia party suffered a major setback in parliamentary elections held today, reports Reuters , securing only 48.5% of the vote amid allegations of widespread voter fraud. That marks a significant drop from the 64.3% it secured in 2007, and according to one poll, could mean United Russia loses its majority in the State Duma. That projection shows the party having won 220 of 450 seats. "United Russia has lost touch with reality," said one voter. More»