Russia’s suddenly escalating financial crisis risks spilling beyond its borders and endangering parts of the global economy.

With economies in Europe, Japan, China and Latin America already ailing, fresh threats have emerged from Russia’s shrivelled currency, its move to dramatically boost interest rates, damage from plummeting oil prices and Western sanctions over Russia’s action in Ukraine.。
。。。。Analysts generally attribute the plunge in oil prices to rising supplies and slowing demand as Europe and Japan falter and China’s growth weakens. But as the price drops further, fears are intensifying in financial markets that the decline is pointing to slower growth than many analysts had expected, said David Joy, chief market strategist at Ameriprise.

That could make the situation for Russia even more dire.

“Oil hasn’t found a bottom yet, so the pain is only going to get worse as the price of oil continues to fall," Joy said.