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

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.

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

That's the amount of debt Russian companies have coming due in the next year. With bond markets closed, many are taking bank loansat a rising premium.