Ruble unlikely to strengthen in short term with oil prices as they are - Klepach

"The ruble does usually recover after a lengthy period of decline. But I don't think the conditions are right for this today, because capital outflow, I think, has surged, and secondly, oil is still a little on the low side," Klepach said.

There are no conditions for the ruble to start strengthening in the short term is oil prices stay at current levels, Andrei Klepach, a former deputy economic development minister and currently deputy head of Vnesheconombank (VEB), told reporters.

"The ruble does usually recover after a lengthy period of decline. But I don't think the conditions are right for this today, because capital outflow, I think, has surged, and secondly, oil is still a little on the low side," Klepach said.

Read more: No recession for Russian economy in 2014, says World Bank study

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