The Russian ruble is down to 80 rubles to the dollar today. It was at 64 when the markets opened in the morning. Lots of financial talk about why.
I'll tell you why. The Russians have nothing to sell to anyone except crude oil. The only reason to have rubles is to buy stuff from the Russians. Nobody else will accept rubles, 'cause there is nothing you can do with them. I'm surprised it took the banks this long to wise up. Now that the Americans have vastly increased their oil production, everyone would rather do business with the Americans, who are reasonable honest, and aren't threatening to invade their customers.
For that matter, I don't understand why any bank would loan the Russians money. They don't have the income to pay off a loan, they defaulted on their loans only a few years ago, and Russian courts won't support foreigners who sue Russians to get their money back. Loaning to the Russians is worse than playing the derivative market. At least US courts will enforce derivative contracts, which is more than Russian courts will do.