Bourses recorded their biggest daily falls since October on Monday.
The MICEX Index slumped 4.8 percent to close at 1390.56 — below the psychological 1400 mark that was breached for the first time since 2011 in volatile trading last month. Dollar-denominated RTS lost 4.7 percent, closing at 1424.97.
Coking coal producer Mechel crashed 8.3 percent, while Rosneft and LUKoil, the country's two largest oil companies, lost more than 4 percent. Russia's biggest lender, Sberbank, often a bellwether for the equity market, dropped 5.1 percent. Aluminum producer RusAl lost 4.3 percent. The MICEX Index has shed 18 percent of its value so far this year.