Russian shares have fallen sharply on Monday morning after talks between Moscow and Kyiv over the price of Russian gas imports broke down.
The dollar-denominated RTS index was down over 2.5% while the MICEX slid 2% but there was a slight improvement after several hours of trading.
Russia’s state-controlled gas producer Gazprom announced that it would not be extending the deadline for Ukraine to commence paying off its gas debts.
It will only deliver gas to Ukraine if it pays in advance.
In currency markets, the ruble fell just over a third of one percent against the dollar and slipped over half a percent against the euro.