"FRANKFURT — On paper, the vulnerability of European banks to the sinking Russian ruble is manageable, less than their exposure to Greece during the height of the eurozone debt crisis."
"Try telling that to the traders this week. The ongoing rout of the ruble prompted a broader decline in emerging market currencies like the Turkish lira, which hit an all-time low on Monday before recovering slightly on Tuesday. The turmoil also clobbered shares of banks and other companies perceived as being vulnerable to Russia or the ruble."
“'The direct effects are likely to be small,' Ben May, a senior eurozone economist at Oxford Economics in London, said of the ruble’s decline. 'It’s more the uncertainty it creates...'”