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Russian stocks suffered another heavy day of selling on Wednesday, with the MICEX Index dropping 2.8% to 1,272.43, tallying up a weekly loss of 5% so far. The index closed down last week with the worst weekly losses since May 2012 as tensions heated up between Russia and Ukraine over the former's military presence in Crimea. Investors are growing increasingly nervous ahead of a referendum on whether Crimea should become part of Russia. The down day for Russian stocks coincided with selling across much of the emerging-market and developed-market space, with China-growth concerns also heading investor worries.