Well, Russia has been threatened to be cut off from SWIFT. At about the same time several Russian banks has been cut off from VISA and MC and after that Russia has built nation payment processing and forced VISA and MC use it for intra-Russia payments.
Being cut off from the internet is more far fetched but given the increased role of the internet in Russian economy and state services it is something that cannot be completely ignored.
Another possibility is that Russia cuts off itself after the multitude of crippling Stuxnet-like attacks via internet on targets of significant economical and industrial value.