It is the worst valuation since the Russian currency was restructured in 1998, and follows the talks between Ukrainian President Petro Poroshenko and Russian leader Vladimir Putin, which are widely-considered to have failed.

Stocks in the country also fell, with the dollar-backed RTS index declining by 1.9% to 1,196 and the rouble-backed MICEX index dropping back 1.3% to 1,405.

According to American bank Morgan Stanley, it is all making an unattractive environment for investors. A research paper has said that are many questions that need to be answered before an investment can be made, stating:

“In our worst case scenario involving full sanctions, a material portion of the listed stock market in Russia could become uninvestible for many investors”.

The turmoil in the Russian market is expected to continue, with the war of words between Russia and the west not looking like ending any time soon.