Russia will be hit by a wave of bankruptcies unless it cuts interest rates very soon, a top financial official warned yesterday, CNNMoney.com reported. Anatoly Aksakov, president of Russia's regional banking association and deputy chairman of parliament's financial markets committee, said that firms were running out of cash. "Bankers believe that keeping the situation as it stands will cause a wave of bankruptcies, not only credit institutions but also a number of businesses and companies," Aksakov wrote in a letter to the central bank.
