Updated August 5, 2008

   On July 24, 2008 Vladimir Putin criticized Mechel Company, and next day it resulted in quotations fall of the Russian stocks.

This was the reason to draw the rating of the Russian stock market' s wor

st days.

   Since 2000 beginning RTS (Russian Trading System) index has been falling 34 times by 5% and more within one trading session. On July, 24 market fall on the trading session totaled 5,58%. However, this day cannot take its place in Top 10 of Russia's "black Mondays", as in order to get to this rating, an index should lose more than 7%.

   When Top-10 of the most "bearish" trading sessions has been analyzed, one can relatively divide them into two groups – what reasons caused stock market collapse – external or intrarussian ones. Thus, one can notice that external factors' influence on the Russian stock market has considerably weakened within the years. Once, behavior of the American stock indices significantly influenced RTS index, and stock exchange fall in the United States inevitably resulted in analogical fall in Russia. In the course of time and due to dedollarization of the Russian economy and rapid Russian stock market growth (and this growth was observed just within the examined period), the Russian stock market dependence on behavior of Dow-Jones and NASDAQ indices reduced, although it did not disappear at all.

   Lately among the most "black" of all "black Russian Mondays" one can name November, 30, 2000. That day, RTS index fell by 10,89% down under the influence of NASDAQ index falling. NASDAQ, in its turn, was reacting to uncertainty that had arisen in terms of the US presidential elections.

Then, in November, 2000 around equal number of Americans have voted for two candidates for presidential post, and quite long mess with votes count has been making the US business nervous.

   Index fall by more than 10% w as fixed one more time

as well – on October, 27, 2003.

It was Monday on calendar, and the market reacted to the preceding Saturday events, October, 25, when Yukos Oil Company head, Mikhail Khodorkovsky, was put under arrest.

   Third place in the rating (fall by more than 9%) belongs to the trading session as of June, 22, 2006. No special events in Russia and abroad this day

and preceding ones had not been fixed, and many analysts consented that there had been not a collapse, but correction after long growth.

Thus, there were other theories explaining the stock market fall.

For instance, announcement of the Russian Federation president' letter V. Putin to Federal assembly, where he has sharply criticized the western countries' policy, including the USA. However, it does not clear, why investors had more than a month to get afraid of Mr.

Putin speech (the letter was announced on May, 10, 2006).

The 4^th, 5^th and 7^th places in the rating belong to three falls in December, 2000, January and February, 2001, caused by the same factors – slump on the US stock markets and financial crisis in Turkey.

RTS index fall on October, 30, 2003 (placed 6 in the rating) is story continuation with Mikhail Khodorkovsky arrest and Yukos case.

The 8^th place – April, 17, 2000.

This day both unfavorable factors of political and economic character influenced the stock market fall. In particular, formation of the new Russian government and the world oil prices drop.

Oil prices are the core reason of the Russian stock market collapse on September, 22, 2000. And rather correction, not collapse, after the record growth of world oil prices.

And finally, the 10^th place of the rating is July, 24, 2002.

It was the last time, when

the Russian stock market has seriously taken the fall at the US stock market.

The worst days of Russia's stock market: Top 10*

* Since 2000 beginning till present days

** With rounding to hundredths