In my opinion, plunging of the Russian ruble will effect strongly emerging markets of developing countries and it will take them a long time to recover. In today's world everything is connected and emerging markets are more sensitive to consequences of something like that. Fall of the ruble effected Turkey, India, Indonesia, even though Russia tried to implement certain counter measures.
The recent decrease in value of the Russian ruble has lead to increases in bank interest rates (from 9.5% to 10.5% to 17%) in the hopes that they would be a solution to the problem. However, this change did not make much of a difference. Because of this, I believe that the falling rate of the ruble is the first domino in a number of upcoming economic problems in the market, especially because these first steps towards a solution have not had an impact and will eventually make things worse.
I am sure that it will have some sort of lasting impact, the fall of any economy would most likely have an effect on the markets. What sort of impact and how hard the impact will hit and how long are all completely unknown until later on until the future.
Emerging markets are always a risky investment, however the collapse of the ruble was forced but other factors. It's a critical time of year when people are watching how the markets are reacting, but also they look at political stability as well. Currently there is still an active conflict and while it continues regardless of the ruble collapsing, markets will always be risky.