A plunge in prices for Russia’s main export, crude oil, sent the ruble crashing to its weakest level since January, threatening to push the country’s already-shrinking economy deeper into recession.
Russia’s ruble eased as far as 71.65 to the U.S. dollar on Monday as concerns over the Chinese economy drove the price for Brent crude below $45 a barrel for the first time since March 2009. The ruble was trading around 36 to the dollar this time last year.