The media has been struggling to keep up with the deteriorating economic situation in Russia since its attempt to halt the dramatic slide in the value of the rouble backfired, late last night.

The currency had lost 20 percent of its value by this afternoon - and 60 percent since the start of the year.

The RTS index of Russian shares is also down by 17 percent.

Trillion Ruble Coin?

— zerohedge (@zerohedge) December 16, 2014

The country’s central bank warned Russians today that the country's problems would not be fixed over night, and that they need to adapt to the country's new economic situation.

“We have to learn to live in a different zone, to orient ourselves more towards our own sources of financing, and to give a chance to import substitution,” said Elvira Nabiullina, the head of the Russian central bank.

A large amount of Russia's food and consumer goods are imported. The currency dip will dramatically decrease Russia's purchasing power.

Russian rouble / Euro exchange rate, via the European Central Bank

It is predicted that the drop in the value of the rouble will soon bottom out - but it is hard to imagine how long it will take the currency to get back to where it was at the start of the year.

This downturn comes after a sustained period of healthy growth, under Vladimir Putin.

Falling oil prices, and sanctions imposed as a result of the country's involvement in the ongoing conflict in Ukraine, are two of the primary causes of the economic downturn.

In his latest state of the nation address the president said that Russia could use this as an opportunity to develop the country's domestic industries.