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Emil GóreckiThis August’s conflict over South Ossetia has put yet another brake on the growth of Russia’s economy. 
The events may have put the fear into foreign investors, but do not seem to have had such a great effect on real estateThe Russia-Georgia conflict adds yet another damaging blow to the Russian economy following the slump in crude oil prices, the boardroom strife at TNK-BP and Vladimir Putin’s intervention in the pricing policies of Mechel. As a result, foreign capital is now fleeing to safer havens. The exchange rates between the rouble and the euro and US dollar are falling and, one month after the outbreak of fighting in South Ossetia, have reached their lowest values for half a year. The Moscow Stock Exchange is experiencing steady daily falls in share prices, with bankers calling it the greatest crisis since 1998. Although the European Union has not imposed any formal sanctions o