12/19/2014 05:03 pm ET Updated Dec 19, 2014

How Will Russia's Currency Crisis Affect Putin's Presidency?

As the value of the ruble continues to fluctuate, having lost about 50 percent of its value in the past year, Russians are stocking up imported goods for fear of price hikes.

In a HuffPost Live conversation, U.S. economist Gregory Daco discussed Russia’s currency crisis and suggested that the western-imposed sanctions and sliding oil prices contributed to the volatile economic climate.

Although the ruble has stabilized in the last few days, fear of economic collapse has reverberated across Europe and many have speculated what the economic concerns could mean for Russian President Vladimir Putin’s presidency.

Nina Krushcheva, a professor of international affairs at The New School, said she’s not sure that Putin’s handling of the NSA scandal and his choice to grant Edward Snowden asylum will be enough to sustain his popularity and help him escape the economic troubles unscathed.

“Since he came back as president in 2012, I think he really dug out his own grave. I mean, it’s just a question of time,” she said. “We shouldn’t really discount Putin’s ability to rise up again, but it does seem like it’s a very bad situation and it could [get] worse very quickly.”

Watch the full HuffPost Live conversation about Russia’s economy here.

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