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Russia not the tip of contagion crisis: Expert

Russian Prime Minister Dmitry Medvedev listens during a meeting with senior ruling United Russia Party officials in Moscow, Russia, Dec. 23, 2014.
Yekaterina Shtukina | Government Press service | RIA Novosti | AP Photo
Russian Prime Minister Dmitry Medvedev listens during a meeting with senior ruling United Russia Party officials in Moscow, Russia, Dec. 23, 2014.

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.

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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.

However, Rediker noted that the currency has worked its way higher.

"There have been steps taken by the authorities, by Putin himself, by the central bank, which have all led to a more stable environment for the currency. Clearly it's linked not only to sanctions but to the oil price," he said.

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—CNBC's Katy Barnato and The Associated Press contributed to this report.