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 shriveled currency, its move to dramatically boost interest rates, the damage from plummeting oil prices and worldwide sanctions over Russia's action in Ukraine.
The alarming 10 percent drop in the ruble over the past two days has amplified the economic turmoil in Russia. Investors fear that Russia under President Vladimir Putin could default on its foreign debt obligations — a move that would inflict hundreds of billions in losses on lenders abroad.
Meanwhile, Apple has halted online sales of its iPhones, iPads and other products in Russia amid the financial turmoil triggered by the steep decline in the country's currency.
The ruble's value has fallen by more than 60 percent since January.
Its decline has coincided with a dramatic decrease in the price of oil, a pillar of Russia's economy.
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