Russia will spend up to 100bn roubles ($3.7bn, €3bn, £2.3bn) on buying newly built apartments from construction companies, Igor Shuvalov, first deputy prime minister, said yesterday. The move is intended to shore up house prices. Mr Shuvalov added: "In the construction sector we may see a fall in demand. We decided to replace that with government demand."

Mr Shuvalov spoke as Russia prepared to open its two main stock exchanges today, after they were closed for a second day yesterday as shares fell.