Abstract
In the years 1996–97, Russia became a part of highly volatile, risky international market of speculative capital that had a destructive effect not only on its financial market and economy, but on the financial and economic situations of other countries. The lessons of the financial crisis in emerging markets, Russia among them, should be the subject of serious studies by Russian political, financial and academic communities. Though the solution of the domestic aspects of the Russian financial crisis lies on the shoulders of the Russian government, it might be advisable for Russia to take part in world community efforts to control the destructive aspects of international speculative capital activities.
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