Russian officials, armed with the third largest forex reserves in the world, are trying to project an image of self-confidence.

Russian officials, armed with the third largest forex reserves in the world, are trying to project an image of self-confidence. They are blaming the crisis on the United States.They need to calm nerves among foreign investors in particular because much of the money that had been fleeing the Russian market and causing dramatic stock market loss is foreign-owned.But ordinary Russians, who have been dumping roubles, and Western portfolio managers are not entirely convinced.“The question everybody has is where is the bottom? I am sick of putting money in and watching it disappear. There is no liquidity, no-one is buying, it is like a nightmare,” said John Connor, portfolio manager at U.S. fund Third Millennium Russia. “It is like going to Las Vegas and watching the money fall through the floor. I am not into gambling with my investors’ money.”Aivaras Abromavicius, from Sweden’s East Capital, asked Kremlin’s economic aide Arkady Dvorkovich what the government is planning to do about some majority owners pulling out of share buyouts despite complaints from minority shareholders.Dvorkovich said the matter should be taken to court and the government did not plan to interfere in court decisions. Abromavicius said he was happy Dvorkovich was at least aware of the problem.He added that Western funds were worried about arbitrary trade stoppages in the Russian bourses, which hindered fund redemptions, and were in his view a sign that the Russian market was still far from being civilised.The government has unveiled a package of over $200 billion to keep the economy going and some investors, who also work in other ex-Soviet countries, have praised Moscow’s response.“Unlike many other states, Russia makes decisions, takes measures, works out strategy. They have the money and the political will,” Abromavicius said. “What you need the least is officials sowing panic.”Russian officials have become harder to reach with secretaries saying they are out in meetings all day. Shuvalov spent all morning on Tuesday in closed-door talks with a group of UK businessmen led by business minister Peter Mandelson.