Russia’s central bank joined the efforts to ease fears over the global liquidity crunch, injecting Rbs43.1bn ($1.67bn) into the country’s banking system on Thursday.

Market commentators said Russia was facing a liquidity squeeze for the first time since the global subprime crisis flared up as foreign investors bail out of the rouble bond market in a bid to raise financing. Foreign investors have also been fleeing Russia’s stock market. Russia’s RTS stock exchange closed down more than 3.5 per cent on Thursday.