Continuing tension in eastern Ukraine as well as persistent Russian unwillingness to admit the full extent of its military involvement has permanently frightened investment away from the Russian stock market. Although Russia is building political and financial allies in the Middle East and China, these sources of investment are not nearly sufficient to compensate.
Yes, the Russian stock market is in trouble. The Ruble has been falling and will continue to fall. Russia or more so Putsin is on a war rampage and for whatever reason he is not going to stop. The people of Russia either need to get him out of there or deal with the consequences.
People are much to quick to panic over every little change in a stock market. Really, the stocks of every country go up and down all the time. People forget that these changes are temporary. There are good days and bad days, and there is no point worrying over the bad days.
It's been said so many times by now as to have become perhaps the most obvious observation a person could make, but somehow it still bears repeating that, now more than ever, the economic prosperity of one part of the world is inextricably tied to the entire global economy. When Russian leadership decided to flout the necessity of maintaining good diplomatic relations with the West, they failed to appreciate the consequences that would follow, and now their economy is in major trouble.