Russian economy facing bad times

MOSCOW: Deep recession, skyrocketing prices and a fragile banking system: although the ruble seems to have stabilized after its abysmal drop this past week, Russia still faces the heavy consequences of the turbulence.

For most Russians, the week ended with relief: after trading at unbelievable levels of 80 to the dollar and 100 to the euro, the ruble appears to have stabilized at around 60 and 73, respectively.