On top of the collapse in oil prices, the economy faces the risk of new U.S. sanctions, Riedel notes.
U.S. Congress on Monday sent President Barack Obama legislation setting out further sanctions on Russia. Administration officials say the president is assessing the measure, which would target Russia's energy and defense industries, according to the Associated Press.
Rate hike not enough?
Stan Shamu, strategist at IG does not expect a sustained turnaround in Russian assets on the back of central bank action either.
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"Given the sanctions the country is also facing, any recovery in the ruble and domestic assets could be short lived," he said.
Benoit Anne, strategist for Societe Generale, on the other hand, believes CBR's action is a "game changer" in the course of the ruble.
"After weeks of lamenting over the central bank's indecisiveness, I am at last impressed by the policy response," he said. "Game on. The CBR now means business."
Nicholas Ferres, investment director, global asset allocation, says Russian government bonds may warrant another look following the central bank's move to defend its currency.
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"Russia has the means to pay their sovereign obligations and even cover the corporate obligations," he said.
"Therefore, following the dramatic collapse in price, the now aggressive central bank action and Russia's ability to pay, sovereign [debt] is very attractive in both the dollar and particularly in local currency terms."