But despite that the ruble was some down 4 percent against the dollar, having opened about 9 percent stronger, and the dollar-denominated RTS share index fell more than 11 percent.
It has lost around 50 percent to the dollar this year.
A relentless slide in oil prices -- Brent crude has almost halved in price since June -- while a blessing to most rich world consumers, is becoming a curse for countries reliant on resource exports.
Read MoreThe collapse of Russia in 3 charts
The Russian economy still depends in large measure on sales of oil and gas, which account for about two-thirds of exports and Indonesia became the latest Asian casualty when its currency caved to fresh 16-year lows.
Russia, however, is also being hit by Western sanctions over its relations with Ukraine.
Euro zone businesses are ending 2014 in slightly better shape than thought but growth remains weak and firms are still cutting prices to encourage trade, surveys showed.
Read MoreEuro zone business activity posts weak growth
Markit's Composite Flash Purchasing Managers' Index, based on surveys of thousands of companies and seen as a good growth indicator, rose to 51.7 from a 16-month low of 51.1.
That beat the forecast in a Reuters poll for a rise to 51.5 but was the second-lowest reading in over a year.
"Although the PMI has not been a perfect guide to GDP over recent quarters, that suggests that the euro-zone economy probably barely expanded in Q4, if at all," said Jonathan Loynes, chief European economist at Capital Economics.
Still, German analyst and investor sentiment rose sharply in December for a second month running, as a decline in the euro and oil prices boosted hopes for a pickup although a composite PMI covering Europe's largest economy showed weaker growth.
Read MoreFunds slammed by Russia's stocks and ruble struggles
Coupled with a PMI for France, which highlighted a continued decline, the euro zone survey suggested there was a renewed upturn in the bloc's smaller periphery countries.
"The periphery is seeing faster growth but you are in danger that if the (euro zone) core remains weak, that will spread to the periphery and everything will come down again," said Chris Williamson, Markit's chief economist.