The worst is yet to come for Russia's economy

Moscow

DEEP recession, skyrocketing prices and a fragile banking system: although the rouble seems to have stabilised after its abysmal drop in the past week, Russia still faces the heavy consequences of the turbulence.

For most Russians, the week ended with relief: after trading at unbelievable levels of 80 to the US dollar and 100 to the euro, the rouble appears to have stabilised at around 60 and 73, respectively.

A double whammy of Western sanctions over Ukraine and plunging oil prices finally caught up with the country that depends on energy exports for half of government revenue, and the authorities came out of their…