Russia on Tuesday commited to pump $37bn in long-term loans into its biggest state banks amid signs that the turmoil was spreading to the real economy.

Meanwhile three big Russian companies announced cutbacks in production because of a shortage of finance. In a further worrying sign, four big energy companies - including Gazprom, the state-controlled gas group, and Lukoil, Russiaâ??s privately owned number two producer - appealed for state funding in the face of soaring interest rates.