Nothing Russia can do for ruble if oil falls: Pro

Russia won't be able to do anything to stem the slide of the ruble (Exchange: RUBUSD=) if oil continues its months-long plunge, the managing director of FX strategy at BK Asset Management told CNBC on Tuesday.

The Central Bank of Russia hiked interest rates 650 basis points to 17 percent on Monday night in a bid to shore up the currency after its worst trading day in 15 years. The action briefly put a floor under the ruble, but it resumed its decline, plunging nearly 18 percent against the dollar in early morning trade on Tuesday.

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"It's tumbling because they can only control one part of the trade. Oil went down overnight and that killed their whole plan," BK Asset Management's Boris Schlossberg said in "Squawk Box." interview. "If oil stabilized right now, they'd get a little bit of breathing room. If we can't get any stabilization in oil, nothing they do will matter."

Releasing more foreign exchange reserves is one of the last options Russia has, he added. The central bank released about $100 billion over the last month and has about $400 billion left, he said.

The final move to stem the tide would be to sell land to China, he said.

Schlossberg said the currency trade also has the potential to turn into a geopolitical mess.

"If Putin uses this as an excuse for further aggression, we could have some very, very serious problems going into next year," he said, referring to Russian President Vladimir Putin.

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Should the U.S. Federal Reserve decide it will tighten monetary policy, a huge flow into the dollar could follow, he said. That could further weaken the ruble and cause "massive destabilization," he added.

The Federal Open Market Committee meets Tuesday and Wednesday before releasing a statement on monetary policy at the end of the meeting.