Russia’s conflict with Georgia could wind up putting the expansion of both the country and its exchange traded fund (ETF) on hold.

The Russian stock market already took a dive to a two-year low as foreign investors left in numbers. And the fact that Russian oligarchs are affiliated with President Dmitry Medvedev and Prime Minister Vladimir Putin is adding risk to doing business with them in the minds of some, reports Landon Thomas for The New York Times.

Although Russian oligarchs wouldn’t necessarily feel the impact of a stock market hit upon their fortunes, some policy makers are thinking the best way to pressure and influence Kremlin is through coming down on the Russian businessmen in Europe.

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