What will be the consequences of the Russian currency crisis?

The collapse of the rouble at the end of 2014 was obviously triggered by the drop in the price of oil. However, the Russian currency has weakened to a significantly greater degree than any other currency in the world, even the currencies of other oil-dependent economies. In just one month, between 18 November and 18 December 2014, the rouble fell by 43%. This provoked two waves of runs on the banks and led to general consumer panic. Therefore, what is happening in Russia is a genuine currency crisis. What were the causes of this crisis and what will happen next?

The crisis was enabled by three types of factors – market factors, political factors, and structural factors.

ESO: Background information: Rouble crisis feeds EU hope of Russia pull-back http://www.europeansources.info/record/rouble-crisis-feeds-eu-hope-of-russia-pull-back/

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