MOSCOW: Russia's rouble opened down on Monday with trading volumes low ahead of local New Year holidays and global oil prices weaker. At 0821 GMT, the rouble was down 0.3 against the dollar at 70.9 and 0.4 percent down versus the euro at 77.9 .
Russia's currency has been hit by tumbling oil prices, which touched an 11-year low of $35.98 per barrel last week, and by Western sanctions over Moscow's role in the Ukraine crisis.
Brent crude oil, a global benchmark for Russia's main export, was down 1.4 percent at $37.36 a barrel on Monday.
"Some time ago many experts, including myself, thought that we had hit the bottom or ... had passed the peak of the crisis," former finance minister Alexei Kudrin said in an interview with Interfax news agency on Sunday.
"But today we see additional worsening, which November is already showing to us."
Russia's gross domestic product fell by 4.0 percent in November compared with a year earlier, the economy ministry said on Monday. The figure compares with a 3.7 percent decline in October.
Kudrin, one of few prominent figures to criticise President Vladimir Putin, said that showed the situation was still unstable, with the decline in oil prices adding a "more significant problem" especially if oil prices remain at the current level for the next six or 12 months.
"Thus, we can not say that the peak has been passed. The next year brings a serious challenge," he added.
Russian share indexes fell on Monday. The dollar-denominated RTS index was down 0.5 percent to 768.71 points, while its rouble-based peer MICEX traded 0.2 percent lower at 1,731.46 points.
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