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(From The Moscow Times)
Confidence in the country's overall business climate has dropped almost threefold since the arrest of former Yukos CEO Mikhail Khodorkovsky, according to a new monthly survey of Russian and foreign executives conducted by The Moscow Times.
The MT Confidence Index polled respondents from a pool of 440 managers in 22 industries on Oct. 15 and again on Nov. 15, asking them to assess changes in their companies, rate the economic climate and forecast business and personal income expectations for the next six months.
Since Khodorkovsky's arrest on Oct. 25, business confidence has plummeted from 32 to 12 points, on a scale where 10 represents lowest confidence and 50 the highest.
However, in a separate question -- incorporated in the formula to reach the final rating -- respondents' confidence in their companies remained unchanged, at 30 points.
Questions touching on political fears accounted for most of the decline in confidence overall.
"At the end of the day, people do not trust the general business climate, even if their business has not changed all that much," said Dmitry Alyonushkin, a marketing analyst at The Moscow Times who devised the survey.