But concerns are also mounting over how easily the government can continue to offer this level of support, which includes billions sunk into shoring up the ruble, as the outlook for economic growth worsens.

"The risk for the government is this: They're going to come to the rescue of the last crisis and not the future one," said James Fenkner, director at Red Star Asset Management. "If they continue this massive support and commodity prices soften, it's going to hurt the government."

The Kremlin's crisis measures come amid a global financial meltdown. Asian stocks tumbled Friday on the back of another torrid day of trading in the United States.

Representatives of Russia's stock markets, the MICEX and RTS, said they suspended regular trading until further notice under orders from financial regulators.

But investors were critical of regulators' frequent closing of the markets, a tactic used repeatedly in recent weeks to stem huge fluctuations in seesawing trading sessions.

"Opening and closing the markets really undermines Russia's long-term desire to be a financial center," said Fenkner. "You want to trade in London, you want to trade in Europe, where it's not closed."

The RTS - which saw its record one-day loss on Monday - is down over 65 percent from its May high. Russian stocks have tumbled on the back of fears of government interference in business and the war with Georgia in August. But the sharpest selloffs started in September as Wall Street's woes deepened and the oil price slumped from its earlier highs.

Both indexes were up sharply Thursday as investors regained some of the losses suffered early in the week. The RTS index gained 10.9 percent to close at 844.7 points, while MICEX, where most of Russia' trading takes place, ended trading up 9.8 percent at 700.4.

Meanwhile, metals tycoon Oleg Deripaska's Basic Element Holding said that it has "relinquished" its 10 percent stake in Hochtief, Germany's biggest builder, to Germany's Commerzbank AG.

"It was a portfolio investment, and we saw shares losing their value," Sergei Rybak, spokesman for the holding, said.

The divestment comes just days after the businessman gave up his 20 percent interest in Canada's Magna, a car components maker, to creditors.

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