Russia won't be able to do anything to stanch the ruble's plunge if oil continues its months-long skid, the managing director of FX strategy at BK Asset Management told CNBC on Tuesday.
The Central Bank of Russia hiked interest rates by 6.5 percent, to 17 percent, in a bid to shore up the currency after its worst trading day in 15 years. The action briefly put a floor under the ruble, but it resumed its decline, plunging about 10 percent against the dollar in morning trade on Tuesday.
"It's tumbling because they can only control one part of the trade. Oil went down overnight and that killed their whole plan," BK Asset Management's Boris Schlossberg said in "Squawk Box." interview. "If oil stabilized right now, they'd get a little bit of breathing room. If we can't get any stabilization in oil, nothing they do will matter."
The one thing that would immediately stop the ruble's fall is something President Vladimir Putin has stipulated many times he would not do, Boris Jordan, CEO of the Sputnik Group, told "Squawk Box." That is to force exporters to sell 50 percent of their hard currency and buy rubles.
Releasing more foreign exchange reserves is one of the last options Russia has, Schlossberg added. The central bank released about $100 billion over the last month and has about $400 billion left, he said.