The fall in the oil prices from mid-2014 is causing a decrease in<br />domestic demand and a strong devaluation of the ruble, which in turn<br />promotes the growth of the price competitiveness of Russian producers,<br />stimulates the supply side of the economy (especially in foreign<br />markets, where there is no recession), and thus creates the possibility<br />of offsetting the fall in domestic demand due to the growth of net<br />exports. However, as the analysis of the economic literature, the world<br />experience and current Russian economic trends demonstrates, the joint<br />impact of oil prices and ruble devaluation on the growth rates of the<br />Russian economy, with all its structural problems, can lead to a much<br />more severe recession than the majority of experts, if to judge by<br />average consensus estimates, expect in their forecasts (as of the end of<br />September 2015).
Mironov, V. (2015). Russian devaluation in 2014–2015: Falling into the abyss or a window of opportunity? Russian Journal of Economics, 1(3), 217–239. https://doi.org/10.1016/j.ruje.2015.12.005