It is never a good sign when a central bank practically doubles interest rates in the middle of the night. The decision by Russia's Central Bank to do just that on Monday is proof that the country's economic position is perilous.
Collapsing oil prices, Western sanctions and the collapse of the ruble have reduced the Russian government's margin of maneuver: Some observers even see parallels to the collapse of the Soviet Union.
Fortunately for Russian President Vladimir Putin, parallels are not predictions, however. Unfortunately for the international community, Putin may act in ways that suggest he takes the situation seriously, heightening tension with the rest of the world.