Private sector firms are suffering from a cash drought, as foreign investors become nervous and the national government appears to be favouring state operations.
A $20 billion "flight of capital" has been estimated by analysts - and the stock market has declined 40 per cent since May, the Financial Times reports.
For its part, the Russian central bank estimates that just $5 billion has left the country.
Apart from the Georgian conflict, the harsh criticism of private steelmaker Mechel from ex-president Vladimir Putin are thought to have caused foreign investors to have second thoughts about exposure to the Russian market.
Speaking to the newspaper on condition of anonymity, a Moscow-based banker commented: "There are real estate developers who can't finish projects. They can't get money from anyone, state banks included."
He added: "No one was ready for the lack of cash to manifest itself so quickly [after the Georgian conflict began]. The country has got all this cash but the banking system and capital markets are not particularly good at allocating it.
"There is a flood of liquidity in the state's fields and a drought in the private sector."