Around the World's Markets: Moscow

RUSSIAN SHARES fell as the market expressed anxiety over the air campaign against Chechnya. The benchmark RTS1-Interfax index closed down 1.58 per cent at 85.15, while the broader Reuters Russian composite slipped 0.50 per cent to 372.06. "A long drawn out war in Chechnya could keep Russia from addressing many important economic issues," one trader said.

Traders said the market failed to react to the formal sacking of Mikhail Zadornov, Russia's special envoy to the IMF.