Vladimir Putin's government has drastically raised interest rates, hoping to ward off the drastic fall of the rouble.
Falling oil prices could be a reason behind the currency crisis in Russia.
But is that the only reason? And what might be the political fallout?
Presenter: Martine Denis
Timothy Ash: head of emerging markets research at Standard Bank in London.
Pavel Felgenhauer: defense analyst and columnist with Novaya Gazetta.
Martin McCauley: Russian specialist at the University of London and author of the book The Rise and Fall of the Soviet Union.
Source: Al Jazeera