The euro rallied to 72 roubles and the dollar climbed above 68 roubles for the first time since 11 May on the Moscow Exchange. The RTS index fell 5.6% to 980. Major Russian stocks, excluding non-energy minerals, are also tumbling.

Analysts forecast the Eurodollar will further strengthen due to a significant drop in the price of Russian Urals crude oil exports caused by the EU embargo.

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