The story is all about Russia today, but I think this has been a long time coming. We have just seen the interest rates move from 10.5% to 17% overnight as Mr Putin attempts to staunch the bloodletting of the Rubble. The chart of comparable FX crosses highlights the extent of the Rubles devaluation, the Yen is the other notable.
One of the few Russian markets open when the announcement of the hike was made had this to say:
Lets have a quick look at how the crude oil price continues to slip (excuse the pun)
Things are certainly starting to look interesting as the landscape has been so calm that it has been extremely boring to observe.
And one final chart from ZeroHedge highlights how Oil volatility has spread into the Stock and FX complexes as well.