Economists see that rising wage arrears show non-payments will tamper with consumption, a major source of growth.

On Nov. 11, the central bank raised interest rates by 1% to 12% to stem capital outflows and allowed the ruble to depreciate against a number of currencies by 1%.

The central bank suggests raising interest rates above inflation, which was 14% in October, to discourage people from changing rubles into dollars, due to the depreciation of the ruble. By defending the ruble, Russia will bleed out is reserves and raising interest rates without liberalizing the economy would smother it.

The Market Vectors Russia ETF (RSX) could be in for some more grueling times. It is down 73.2% year-to-date.

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