Local governments in Russia have been borrowing at an unsustainable rate. Now Putin has three years to escape a $42 billion debt trap.

Russian currency is in freefall; next step for officials may be capital controls.

Russian currency is in freefall; next step for officials may be capital controls.

Currency continues to take a beating in wake of sanctions and plummeting global oil prices.

Currency continues to take a beating in wake of sanctions and plummeting global oil prices.

Bank of Russia is attempting to stem the ruble's fall by restricting rubles available to banks in Russian repo market.

Bank of Russia is attempting to stem the ruble's fall by restricting rubles available to banks in Russian repo market.

As ruble debt comes off worst quarter since 2011, government indicates it's ready to pay highest rate in five years.