Russia's prime minister has warned that the country could face a risk of a "deep recession," but Douglas Rediker, the chairman of International Capital Strategies and a former member of the board of the IMF, isn't too concerned about contagion.
"Global investors should be looking at Russia not as a stand-alone, per se, but I don't think they should be looking at it as the tip of a systemic Russia-leads-to-contagion crisis. I just don't think that's the case in 2014 and 2015," he said in an interview with CNBC's "Closing Bell."
In a speech Tuesday, Russian Prime Minister Dmitry Medvedev said the government won't retreat from its spending plans. Otherwise, the country could plunge into a deep recession, he said.
Also on Tuesday, Moody's Investors Service warned it could cut the ratings on up to 16 Russian banks and forecast the country's economy would shrink by 5.5 percent in 2015 and 3 percent in 2016.
The Russian ruble, which plunged last week after the Central Bank of Russia hiked interest rates, has fallen almost 70 percent against the U.S. dollar since the start of the year.