1.   A ruble devaluation, of course, would lead to bigger concerns.

2.   But since a ruble devaluation three years ago slashed production costs and made exports even more profitable, oil companies have become cash rich.

3.   For emerging market economies like Brazil, the ruble devaluation may ultimately result in higher borrowing costs and bigger current account deficits.

4.   He urged a ruble devaluation accompanied by Western aid for Russia to stabilize the currency.

5.   Higher oil prices and the consequences of earlier ruble devaluations have spurred a modest economic revival in Russia.

6.   The consequences of a ruble devaluation would be too severe, they argue, as it would re-ignite inflation and threaten to undermine the current government.

7.   A ruble devaluation had been widely rumored, in part because the government faces heavy debt payments in coming days and weeks.

8.   A ruble devaluation has been widely rumored, in part because the government faces heavy debt payments in coming days and weeks.

9.   A ruble devaluation had been widely rumored, in part because the government faces heavy payments on ruble-denominated debt in coming days and weeks.

10.   After the ruble devaluation, many imports became prohibitively expensive for Russians.