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Moscow investors and banks are playing a deadly game of Russian roulette in a stand-off to see who flinches first as the city’s once booming property market falls to ruins around them.
Billions of roubles are tied up in commercial and residential property portfolios.
Homes, offices and shops are standing empty as rents are unaffordable, new build projects are being cancelled, investors can’t refinance and the banks are sitting on a pile of yet to be realised toxic debt.



