Russia Ruble Crisis: Banks Lending Less, Demand Government Bailouts As Oil Prices Remain Low

Russia's banks are under tremendous stress amid a plunging currency and ongoing Western sanctions over Russian involvement in the Ukraine crisis, and they will likely need more government bailouts to survive, according to analysts. Russian banks have responded to the ongoing financial crisis by cutting off loans to local businesses. Overnight rates have grown to 18 percent, indicating that financial institutions are anxious about even lending to each other.