Just like analyst and economists expected, Russian economy faced sharp second quarter contraction in 2015, given weakness in commodities, especially energy prices, its major exports and severe weakness in Rouble. Sanctions imposed by Western nations have also taken their toll on Russian economy.

According to second reading from Federal statistics service Moscow, Russian economy contracted by 4.6% in second quarter.

Russian Rouble is currently trading at 68.7 against Dollar, down more than 85% in last 12 months.

Weak Rouble has also increased debt burden over Russia's corporate sector, who have amassed short term foreign currency loan especially after financial crisis.

On a separate note, trading in equities, currencies, derivatives have halted in Russia, due to major break down in network system. As of now, Russian exchange is trying to resume trading in back up system.

Russia might face further volatilities and Rouble depreciation if commodity prices fail to recover going ahead.