Read the quotes from to the article:

The Bank of Russia took steps on Monday to restore confidence, and more than doubled interest rates to 20 percent from 9.5 percent in order to offset the rapid depreciation of the ruble.

If the ruble collapses, it could usher in severe inflation and exacerbate a brewing recession, Robert Person, an associate professor of international relations at the United States Military Academy, said, noting that his views were his own and not those of the government or military.

Question: Does the rapid depreciation of the ruble can cause severe inflation in Russia? Why or why not? Justify your answer by providing principles, theories and concepts from our lecture slides and the textbook (chapter 1).