Around the World's Markets: Moscow

RUSSIAN SHARES dipped sharply, trailing weak oil prices. The RTS1- Interfax index dropped 4.33 per cent to 111.12 and the Reuters Russian composite fell 4.30 per cent to 489.77.

"The main factor driving the market was the [downward] trend of oil prices," said one trader, who added that the market was highly speculative. Traders were also concerned by reports in the Western press of a suspected multi- billion-dollar money-laundering scheme by the Russian mafia.