Some observers think so.
Moscow banks crashed with a mighty roar last year, cutting 75 percent off the value of the ruble against the dollar. The fall of the ruble is actually helping out, making exports more competitive and blunting competition from foreign imports domestically. Also, a doubling in the world price of oil hasn't hurt. In areas where local industries are booming, workers and suppliers are getting paid in cash rather than IOUs. Large, successful companies are making loans to suppliers on terms which a bank would have turned down.