The ruble depreciation accelerated recently as a result of falling international oil prices and the new sanctions imposed on Russia by the US and the European Union. Since mid-2014, the ruble lost 28% against the US dollar and 18% against the euro, Euler Hermes said in its report.
The EH analysts expect the ruble to fall a further 10% against the dollar by the end of the year.
For other information about the European and global economies, see the full report.