Currency traders will be closely monitoring Russia, after the Ruble went into a freefall on Tuesday to hit record lows against the US Dollar and Euro.  Russia’s central bank even raised interest rates from 10.5 to 17 percent to strengthen the Ruble – it didn’t work.

Although the Russian media – understood to be in the pocket of President Vladimir Putin – barely mentioned the falling Ruble, Russians are paying attention.  Vladimir Putin is expected to address it in a press conference later today or tomorrow.

Russian economy is being battered by a “perfect storm” of low oil prices, looming recession and Western sanctions over the Ukraine crisis.  US Secretary of State John Kerry said sanctions could be lifted swiftly if the Russian leader takes more steps to ease tensions and lives up to commitments under ceasefire accords to end the Ukraine conflict.

“These sanctions could be lifted in a matter of weeks or days, depending on the choices that President Putin takes,” said Kerry.  US President Barack Obama is expected to sign even more sanctions on Russia this week.