Is RUB under upside risk?

In the long run the RUB may still remain vulnerable to external turmoil because of a weak economy, limited access to western capital markets and the CBR's easing policy.

However on the positive side, if the oil market remains stable, then all other factors can be ignored, and the RUB may even show signs of rebounding, says Nordea Bank. 

The improvement of U.S. data seems to be not enough for the FED key rate hike at least in October and China risks, being rather high, are fading currently, providing support for the EM and commodity currencies in the moment.