The Russian ruble fell to a new record low against the euro on Wednesday amid fears of a Ukrainian default and a slowdown in the Russian economy.
The euro surged to 49.42 rubles at around 0940 GMT, with the ruble dropping below the record set last week of 49.35 rubles.
The US dollar has risen to 35.94 rubles, its highest rate since 2009.
The ruble has lost more than eight per cent against the euro since the start of the year, as investors are reluctant to put money into emerging economies and Russia's economic activity has slowed.
Analysts at VTB Capital said that "tensions over Ukraine once again started weighing on the ruble."
Russian Deputy Finance Minister Sergei Storchak had said on Tuesday that Russia had "no legal obligations" to pay out the full $US15 billion ($A16.68 billion) loan secured last year by Ukraine's ousted president Viktor Yanukovych.
Fears are growing that Ukraine will default on its obligations and Russian banks are greatly exposed to the crisis-hit ex-Soviet country.
Fitch ratings agency warned on Tuesday that Russian state-owned banks are holding the bulk of Russian banks' total exposure to Ukraine of an estimated $US28 billion.
Growth of the Russian economy slowed down sharply to 1.3 per cent in 2013 from 3.4 per cent in 2012 and 4.3 per cent in 2011. Figures published this year show this slowdown growing more marked.
