Russia's central bank failed to stem a further dramatic fall in the rouble on Thursday despite raising the headline interest rate to 10.5%. The central bank, which has used billions of dollars worth of foreign reserves in a desperate attempt to prop up the rouble, appeared impotent as it sought to lift the gloom over an economy hit by western sanctions and falling oil prices.
With the continuing worries about the prospects for Greece and the eurozone ahead of next week's snap presidential election, there was little optimism around. Brent crude slumped nearly 3% at one point to below $61 a barrel, a new five and a half year low.
The official explanation for halting the project are EU regulations, which prohibit one company controlling the full cycle of extraction, transportation and sale of energy resources.
In Europe, Germany's Dax fell 5% and the Eurofirst 300 lost 5.9% over the week. Wall Street was down more than 200 points, or 1.1% on the day, by the time the London market closed on Friday, despite better than expected US consumer confidence figures for December.
