Russia failed to halt the collapse of the ruble on Tuesday, leaving President Vladimir Putin facing a full-blown currency crisis that could weaken his iron grip on power.
A 6.5 percentage point interest rate rise to 17 percent overnight failed to prevent the currency hitting record lows in a perfect storm of low oil prices, looming recession and Western sanctions over the Ukraine crisis.
Putin has blamed the ruble's crash on speculators and the West, while a presidential spokesman on Tuesday attributed the market turbulence to "emotions and a speculative mood."