The ruble is collapsing

[TheDeadFlagBlues]

The questions is, whether the Russians decide to inflate out of trouble. If they do (and indications are there) further devaluation is inevitable - and there is nothing the Chinese can (or would want to) do about that.

This seems like the most likely outcome: Putin's committed to his military adventures and he can't afford to cut back on social spending + he won't attempt to raise revenue from his crony oligarchs. That seems like the recipe for printing money.