Russia Fails to Soothe Oil Concerns as Citi Joins Ruble Bears

Russia’s efforts to assure investors it can weather oil’s plunge are winning few believers in the bond and currency markets.

Citigroup Inc., the second-most accurate ruble forecaster in the first quarter, predicted the currency will tumble to near its lowest on record by the end of next month, diminishing any prospect of further interest-rate cuts to rescue the economy from a recession. Eurobond prices dropped to a five-month low on Monday and the cost of protecting government debt against default climbed.