Nope. False dichotomy. Both are wrong.
Flooding the market with fiat currency would not sure the currency up, and that isn't what the Fed is doing. The Fed is attempting to increase demand by effectively cutting taxes to preferred customers [QE is essentially a tax refund on borrowed cash.]. The Russians are not "allowing" the ruble to fall: they have very little choice. What the Central Bank did today was an attempt to stop the currency free-fall by raising interest rates, it will not do very much good, because the Russian economy is not large enough for a substantial interest rate hike to do anything but cause a liquidity crisis.
The cure for both is pretty much: Live within your means, idiots.
In fact a volatility of the ruble is mostly speculative right now.
Oil was lower in 2008 but it hasn’t effected exchange rate as much.
There are added negative factors this time but these aren’t so overwhelming.
Don’t forget that Russia must pay its foreign debts, too.