Dec. 25 (Bloomberg) -- Russia’s 30-stock Micex Index fell as the country’s Urals blend of crude oil fell to a four-year low, hurting the outlook for energy producers and the economy.

OAO Lukoil, Russia’s second-biggest oil producer, and OAO Surgutneftegaz, the fourth biggest, led the retreat with declines of more than 2.5 percent.

The Micex Index fell 1.4 percent to 636 at 2:48 p.m. in Moscow after sinking 2.4 percent yesterday. The RTS Index declined 0.9 percent to 661.77, extending its drop this year to 71 percent. The ruble held steady at 28.6843 to the dollar and 40.1859 to the euro after yesterday’s devaluation.

Less than 26 million shares of Gazprom, the most heavily traded stock on the Micex Stock Exchange, changed hands by 3:30 p.m., compared with a daily average of 70 million over the last 6 months. Most markets in Asia, Europe and the Americas were closed today for the Christmas holiday.

“Nothing is going on, and I guess it is no surprise,” said Constantin Demchenko, head of trading at Everest Asset Management in Moscow. “Everyone is waiting for Vnesheconombank to mark up stocks for window dressing at the year end.”

The state development bank, known as VEB, has been buying Russian stocks and bonds to support the market and may try to boost prices amid light volume in the final sessions of the year.

“We could see upward movement because of expected low volumes and possible state intervention,” UralSib Financial Corp. said today in a note to investors.

Lukoil sank 22.7 rubles, or 2.2 percent, to 1,010 rubles, while Surgutneftegaz dropped 1.8 percent to 17.728 rubles. Urals crude dropped $3.71, or 10 percent, to $32.34 a barrel late yesterday. Crude for February delivery slid $3.63, or 9.3 percent, to $35.35 a barrel overnight in New York.

OAO OGK-3, a Russian electricity generator, jumped 2.9 kopeks, or 7.8 percent, to 40 kopeks, a second day of gains. Russia’s Federal Tariffs Service approved a 5 percent increase in industrial wholesale natural-gas prices, less than expected. The lower increase will boost pre-tax earnings at gas-fired power generators by an average of 1.5 percent, UralSib said.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net.

Last Updated: December 25, 2008 07:29 EST