Russia's benchmark stock index drops 7 percent in early trading

The index of the MICEX exchange has taken an even steeper dive, falling 9.6 percent Monday morning.

       Russia's stock market in recent years had boomed amid high prices for oil and natural gas. But the market began falling sharply in midsummer amid concerns about government interference with businesses, and the drop accelerated as the global economic crisis intensified.

       Oil prices, the backbone of Russia's economy, have been sharply down in recent days and investors also have been spooked by the five-day war between Russia and Georgia in August.