The ruble fell toward 81 versus the US dollar on Tuesday, close to a record low, before making a recovery.
The wild moves prompted Russia’s central bank to announce measures to support banks, including a provision that will allow them to use last Friday’s prices for stocks and bonds when reporting their financial positions. 
More pain could be on the way.
“We expect further declines near-term in the Russian stock market,” analysts at JPMorgan Chase wrote in a note to clients on Tuesday. The Wall Street bank downgraded Russian equities to “neutral” from “overweight.”
In a worst case scenario, oil prices could surge as high as $140 per barrel, according to Capital Economics. That would add upward pressure to inflation in major economies around the world and make interest rate hikes more likely 
