Russian stocks and the ruble have been battered as markets re-opened after the Russian Orthodox Christmas and New Year holidays amid a renewed plunge in oil prices to a 12-year low.
Following a 10-day festive break, Russia's dollar-traded RTS index fell 4.8 percent to 701.21 when it re-opened on Monday morning, the lowest level since December 2014, and was still down by the same amount in midday trade.
The MICEX index was also trading 3.46 percent lower by midday. The ruble had also fallen to its all-time weakest level against the dollar, at 76.49 before paring some losses to trade at 75.2570 by midday.
The decline in Russian assets comes as oil prices continued to defy gravity, with Brent and U.S. WTI crude trading more than 1 percent lower, around the $32 mark. Oil prices have fallen more than 10 percent since the start the year with investors betting on further declines.