President Medvedev told a Kremlin meeting of senior government financial officials and heads of major private banks that the depth of the world's current market crisis exceeds even the most pessimistic predictions. 

He says Russia made a conscious decision to join the global financial system, noting that it helped the country's economic growth in recent years.

In recent days and months, however, Russia has experienced substantial economic losses. On Wednesday, when regulators suspended trading at midday, Russia's RTS Index of leading stocks had fallen nearly 6.5 percent, adding to its 50-percent drop since June 1. 

Analysts estimate investors have pulled more than $35 billion out of Russia since the beginning of last month's conflict in Georgia, which shook confidence in Russian markets.

Mr. Medvedev says Russia's adequate currency reserves and strong economy guarantee there will be no economic shocks. 

Mr. Medvedev is proposing that the Russian government look into the possibility of using up to 500 billion rubles, about $20 billion, to support market stability, including $250 billion held in reserve as part of the budget. He says this must be done immediately.