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When the rouble plunged last autumn, pictures of exchange rate displays on Moscow streets were a staple of international media coverage – at least, until the Russia government ordered them to be taken down in the interests of public morale. What went largely unrecorded, however, was how the Russian currency’s gyrations were being watched just as anxiously in Baku, Yerevan and Almaty.
Nearly 25 years on from the end of the Soviet Union, many of its former member states in the Caucasus and Central Asia still rely heavily on Russia as a source of remittances, foreign direct investment and export demand.
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