Russian ruble tumbles further on oil slump

Russian stock markets and the ruble fell further on Monday as the currency edged closer to a historic low on the back of a fresh slump in oil prices.

The ruble dropped at the start of trading to 78.85 to the dollar, nearing its record of just over 80 that it hit when the currency tumbled dramatically in December 2014.

Russia's dollar-denominated RTS index fell by some 2.96 percent in early trading by around 07:20 GMT, meaning that it has shed some 16 percent since the start of the year.

Russia's energy-reliant economy has already been pushed into recession by low oil prices and Western sanctions over Ukraine.