The fall of the Russian ruble in recent weeks was underscored by an announcement from Apple this week that is has halted all sales in the country due to instability in the currency.
The currency’s instability was, perhaps, pushed over the cliff by the decision two weeks ago by OPEC that would not cut supply of crude oil in order to shore up global prices, a move which sent the price per barrel to below $60, reports BloombergView.
But in the global economy, Russia’s problems are not quarantined. As investors continue to yank critical cash out of the Asian market, the ripple effects are already being seen worldwide.
The current speculation is whether the dip in oil prices has touched off a domino-effect that might presage a second Great Recession. The last time oil fell to this low, the Soviet Union crumbled.