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Dmitry Medvedev

Russian ruble collapses to 7-month low on weak oil prices

The Russian ruble plunged 2.9 percent on Monday to hit a seven-month low amid a further drop in oil prices, the country's key export. The ruble was trading at 71.04 to the dollar at the close of trading in Moscow, its lowest level since Jan. 30, when Russian markets were hit by a combination of low energy prices and Western sanctions. After the market closed, the ruble recovered slightly in futures trading in an indication that it may recover some of its losses. Oil is the backbone of the Russian economy and the fall of the ruble follows a sharp decline in the price of crude. The U.S. oil contract on Friday dropped below $40 per barrel for the first time since 2009 and on Monday was...