It is a Russian solution to a global problem. Capitalism in crisis? Shut down capitalism.

For the third day running, Moscow's financial regulators have stopped trading on the RTS and Micex share markets in a futile attempt to halt the financial hurricane. Each day they have eased the door open a few inches to check the weather, only to slam it shut when a sharp gust of wind rattled the teacups.

You could sense the irritation in the Kremlin as investors carried on dumping shares in Russia's great enterprises even after statements of reassurance from President Medvedev. Huge short-term cash loans - $44 billion - were promised to Russian banks to shore up their operations, but to no avail. It was only the promise of a $20 billion prop to the equity market that reversed the tide and the Micex index leapt by a third in value, expecting a pile of money to flow into Gazprom and Rosneft stock.

Vladimir Putin, the Prime Minister, reckons that Russian shares are too cheap, but he is not alone, because the oligarchs are punting, too. Vagit Alekperov and Leonid Fedun, chief exeucutive and vice-president, respectively, of Lukoil, together bought more than half a million shares in the company for £20 million.

The two men are putting their money where their mouths are. Mr Fedun said this week that he would urge the company to buy back its shares because at the present share price the company's value was only three times its earnings. SeverStal, the steelmaker, said that it would spend $400 million to buy back 2.8 per cent of its stock.

These sort of valuations for companies that supply energy or produce primary materials make little sense, even allowing for the risk of recession.

It is hardly surprising, therefore, that those with cash are swooping on the distress. Consider Kazmunaigaz EP, the Kazakh oil company valued by the market at about $8 billion. The oil company has two billion barrels in oil reserves and net cash in the bank of $3.8 billion.

The oil is onshore, not expensive to extract. It is true that the Kazakhs have increased taxes on their oil producers, but even if we assumed a value of only $10 a barrel, this company seems bizarrely cheap.

As the world's banks burn their balance sheets, it is worth considering where investors looking for safety might put their cash.

If they tire of gold or treasury bills, they will choose companies flush with funds, those that do not need the banking system to fund their operations. They will choose companies with assets that can easily be monetised.

They might, therefore, once again look to the emerging markets, where they will find the gold, the oil, the gas and the diamonds. It will not be cheap for long.

Times Recommends

• C&G axed - 1,660 jobs to be lost
• UK house prices rise 1.1% as buyers return
• Mixed reaction to US banks repaying bailouts