[Alter Kaker]

Is this connected to the price of oil dropping?

Yep, and to sanctions. Russia's economy is almost entirely dependent on exports, particularly oil and gas. So the economy rises and falls depending on the market price... and it means that the economy as a whole is extremely vulnerable to foreign sanctions. Sanctions are making Russian goods more expensive, forcing the Kremlin to debase its own currency to make their exports more competitive.

[riverdawg]

The decline of the ruble is also connected to capital flight from Russia. If there is a perception of increased risk of onerous regulations on, or even expropriation of, foreign-owned businesses operating in Russia, investors will not need to buy rubles to invest there.

[pieceofthepuzzle]

“Sanctions are making Russian goods more expensive, forcing the Kremlin to debase its own currency to make their exports more competitive.”

Bingo!

[ExSoldier]

Russia's economy is almost entirely dependent on exports, particularly oil and gas.

So if recent production reports are to be believed even slightly that the USA is about to become the king of oil production globally (thanks to fracking), then if we suddenly start selling cheaper gas to all of Putin's oil clients we can really sink them?

[BeauBo]

The ruble was the world’s worst performing major currency last quarter, down about 15% in a quarter - well beyond what other petro economies suffered. Hydrocarbons are huge for the Russian economy, but sanctions and higher risk perceptions are having a clear effect on their own.

One effect of sanctions, is that oligarchs are stampeding for the exits, to shelter their assets overseas, before they get blocked or confiscated in an escalating round of sanctions. So they are selling rubles to buy assets in other currencies.

A lot of wealth is concentrated at the top over there. Moscow has more billionaires than any other city on Earth, even though their total economy is much smaller.