A former ally of Vladimir Putin turned prominent critic is holding the Russian President responsible for the economic crisis unfolding in Russia.  The Ruble has stabilized after days of plunging against the US Dollar and the Euro – and even if it remains stable, Russia’s economy is wandering off into uncharted territory.

Former Prime Minister Mikhail Kasyanov is blaming the growing financial crisis on economic mismanagement by Putin, as well as Western sanctions over the Ukraine crisis, and a fall in global oil prices.  He rejects current Prime Minister Dmitry Medvedev’s assertion that “emotions” are tanking the Ruble.

“Russia is going into decline,” said the 57-year old Kasyanov.  “2015 is a year in which Putin must make a ‘principle’ decision,” he added.  Putin, Kasyanov said, “needs an exit strategy” and should agree to hold free elections early.  They’re currently scheduled in 2018.

Opinion polls continue to show high approval ratings for Putin, whose popularity is built on his tough image and not on economic prowess.  Kasyanov has little support.  But the Russian economy faces a recession, steep inflation, and a constrained future – and it remains to be seen how Russians will respond to losing the modest gains they’ve made in the Putin economy.

Putin is to give his year-end News Conference on Thursday, at 0900 GMT, where he may give his first statements on this week’s plunge of the Ruble, which is now down some 45 percent against the US Dollar for the year.  Russia’s central bank has raised its lending rate to 17 percent to compensate, but so far, it doesn’t appear to be helping.