Thus this is bad for Russia, Russia will survive it.
In the last glut of oil, Russia had to default on its debt, something no one is discussing today:
https://en.wikipedia.org/wiki/1998_Russian_financial_crisis
Russia also saw 84% inflation rate in 1998.
Russia bounced back from the August 1998 financial crash with surprising speed. Much of the reason for the recovery is that world oil prices rapidly rose during 1999–2000 (just as falling energy prices on the world market helped to deepen Russia's financial troubles), so that Russia ran a large trade surplus in 1999 and 2000. Another reason is that domestic industries, such as food processing, had benefited from the devaluation, which caused a steep increase in the prices of imported goods.
Also, since Russia's economy was operating to such a large extent on barter and other non-monetary instruments of exchange, the financial collapse had far less of an impact on many producers than it would had the economy been dependent on a banking system. Finally, the economy had been helped by an infusion of cash. As enterprises were able to pay off debts in back wages and taxes, in turn consumer demand for goods and services produced by the Russian industry began to rise.
And Barter is a still a HUGE part of the Russian Economy, thus this has a lot less affect on people in the street then Russia's Oligarchs (all of whom are afraid of Putin, so not a threat, none will back the largest opposition to Putin, the Communists for their fear the Communists more they fear Putin).
As to inflation, while some goods (mostly imported goods and fish) have gone up over 50%, general inflation is just over 10%, through basic loan interest is over 23% (compared with the US where the rate issued by the Federal Reserve is barely over 0%.
https://en.wikipedia.org/wiki/Russian_financial_crisis_(2014%E2%80%93present)
As a whole, Russia is presently doing better then the last years of Carter's administration but slightly worse then under Reagan. The US survived both situation, and in the case of Reagan we had 4% inflation from 1982 till 1992 (It varied from a low as 1.5% in 1987, 3.7 % in 1986 and 4% in 1988, and 4.7% in 1989, increased again in the Bush I years, then declined when Clinton was elected).
http://www.usinflationcalculator.com/inflation/historical-inflation-rates/
I am NOT saying this is good for Russia, it is NOT, but Russia and the US has faced WORSE times and survived.
Furthermore this is all tied in with the drop in the price of oil, once oil starts to go up, Russia economy will improve. The recent problem is the result of depending on one export to pay for imports, Russia has to import less, or export something other then oil more. Putin has been working on that angle, but given the dependence on oil, a hard thing to do. This is also the problem with the present government of Venezuela, to dependent on oil to pay for imports, needs to import less and produce what is needs locally. Again a tough road to take, given the easy road is have oil pay for everything.
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