MOSCOW - With its economy spiraling toward recession following Western sanctions and a dramatic fall in the price of oil, Russia took another step Tuesday to shore up the value of the ruble, which has been one of the world's worst-performing currencies this year.

Russia's energy-dependent economy has suffered a severe economic shock over the past few months, largely because oil prices have tanked — the benchmark New York rate has fallen by around a half since June to stand at not much more than $55 a barrel.

Because the Russian economy remains hugely reliant on energy revenues, that spells trouble. Credit rating agency Standard & Poor's became the latest to warn over Russia's outlook as it put the country on notice that it may face a downgrade following "a rapid deterioration of Russia's monetary flexibility and the impact of the weakening economy on its financial system." S&P said it plans to make an announcement by mid-January. Any cut from the current BBB- would push Russia's debt rating into so-called "junk" status.

https://ca.finance.yahoo.com/news/russias-pm-warns-risks-deep-recession-next-123802749.html