For Sergei Khestanov, an advisor at Open Broker, a brokerage, Russia can survive the onslaught of sanctions providing it can continue exporting gas and oil.
"For as long as there are no real sanctions on Russian exports, above all oil and gas, there won't be a catastrophe," he said, while adding that "people will of course feel the effects."
The ruble's plummet revived memories of financial instability of the 1990s, when millions of Russians saw their savings evaporate under the effect of a devaluating currency and soaring inflation.
Natalia Proshina, 75, like many Russians, feared her savings would vanish overnight.