Russia steps in to support tumbling ruble
Moscow: The Russian ruble tumbled Monday to a four-year low amid a crash in oil prices as authorities rushed to assure the public the country has accumulated enough funds to withstand the blow.
The ruble fell 9.0 percent to trade at 75 to the US dollar, a rate last seen in early 2016, before bouncing back somewhat.
Shares in Russian companies including oil giant Rosneft and Sberbank lender also plunged in London -- the Moscow Stock Exchange was closed for a public holiday Monday.
The Russian Central Bank and the finance ministry on Monday quickly announced measures aimed at stabilising the ruble to ensure financial stability.
Russians have been chafing under multiple rounds of Western sanctions since Moscow annexed Crimea from Ukraine in 2014 and tumbling oil prices may deal a new blow to the country's economy and President Vladimir Putin's already flagging approval ratings. - AFP