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Georgia upheaval muffles Russia's economic boom

AFP, Moscow
Russia's march into Georgia is putting new strains on the lovehate relationship between Russia and Western investors.
1 as some detect a new tilt towards Soviet-style state domination of the economy.
Analysts say Russia's military surge into Georgia could alter not only the political map but also the nature of Russia's economy, which has boomed in recent years, with the wealth centred on natural resources such as oil.
This is all about former President Vladimir Putin. Putin's group is very much proSoviet, protectionist," said economics professor Konstantin Sonin, of the privately run Centre for Economic and 'Financial Research in’ Moscow.
He in a sense becomes more entrenched with this conflict. His hand is stronger
politically so everything connected economically is also stronger. The idea of using energy as a global weapon becomes more important," Sonin told AFP.
Defiance has been the main emotion coming from Moscow as President Dmitry Medvedev and his mentor Putin, now in the prime minister's post, have defended Russia's thrust into Georgia sparked by clashes in the proMoscow rebel region of South Ossetia.
But Russian officials have also had to reassure panicky investors.
Following the start of hostilities on August 8, Russia experienced a massive outflow of capital -- Finance Minister Alexei Kudrin said capital flight due to the conflict had equalled seven billion dollars (4.7 billion euros).
Foreign currency reserves plunged at least partly due to
the conflict, analysts said, falling a massive 16.4 billion dollars in the week after the start of fighting.
"The war in Georgia has dented the international sentiment towards" Russia, said analyst Ed Parker of Fitch Ratings in London.
"Political risk and the poor business climate are longstanding issues.... In the past they've weathered similar sorts of crises but this is a reminder of some of those sorts of risks and will have a lasting impact," he said.
Worries are not shared equally across the board.
With defence exports last year worth some seven billion dollars, that industry can expect rewards from a more anti-Western policy, says Sonin. ■ ' ','.
And with its vast reserves of oil and gas, few expect interest in Russia's energy sector to drop off.