And though Russian President Vladimir Putin famously declared the worst of the crisis over at his end-of-year press conference, analysts say there's still some way to go.
In a research note released Wednesday, Chris Weafer, a senior partner at Macro-Advisory said the crisis will officially be over once we see oil prices stabilize above $35 per barrel, the ruble settle near 78, sanctions removed and a stabilization across wages, inflation and interest rates.
Some have gone so far as to predict a second year of recession for the country, after worrying data released Monday showed Russia's gross domestic product contracted by 3.7 percent in 2015, much worse than the 0.6 percent growth tracked in 2014 but roughly in line with forecasts.
That was alongside a 4.5 percent annual drop in industrial production for December, a 15.3 percent plunge in retail prices from a year earlier, and an 8.7 percent fall in fixed investment.
Though unemployment has held steady at 5.8 percent, wage growth dropped a whopping 10 percent, which is likely to hit consumption levels.
There may be a brief respite for Moscow, though. Weafer wrote that he expects a temporary drop in inflation to less than 10 percent by the end of March, but warned consumer prices could rise again in the second quarter if the ruble travels north of 80 against the dollar.