Frankfurt DAX: 5231.61 (-140.15)

The Frankfurt stock market dropped sharply, worried - like many of its peers - about the Russian crisis. The DAX index plummeted by 2.61 per cent to 5,231.61 points, exactly cancelling out the 2.61 per cent rise recorded on Tuesday. "After technical rallies on Monday and Tuesday, reality has returned to the bourse", said one broker.

Paris CAC-40: 3913.17 (-116.15)

Paris share prices fell sharply on concern over Russian debt restructuring plans that would grant investors just 30 cents in the dollar on average.

There was little comfort from the other side of the Atlantic in the afternoon as New York shares opened sharply lower. A subsequent recovery in New York came too late to benefit European markets.

Milan Mibtel: 23012 (-591)

The Milan market closed sharply lower, following the trend set on other stock markets, depressed by the state of the Russian economy.