Only rarely do bankers choose to talk of a crisis. In Russia, there was the crisis of the 1990s and the effects of the global financial turbulence of 2008/09, and now the impact of the events of late 2014 also fits the 'crisis' description.
The country's economy faltered, sparked by a devaluation in the Russian rouble, which by the end of 2014 had lost 42% of its value year on year to fall to Rbs56.24 per $1, largely caused by a plunge in the oil price and the country’s reliance on oil as a driver of the economy.
