MOSCOW: The Russian rouble fell against the dollar as did Russian stocks on Friday, tracking global markets and the oil price lower after Britain voted to the leave the European Union.
The rouble was up slightly against the euro however, and its fall against the dollar was less severe than some emerging market peers.
At 0740 GMT, the rouble was 2.4 percent weaker against the dollar at 65.39 but had gained 0.2 percent to 72.51 versus the euro.
The dollar-denominated RTS stock index was down 5.3 percent to 892 points, while the rouble-based MICEX was 3.6 percent lower at 1,851 points.
Brent crude oil, a global benchmark for Russia's main export, was down 4 percent at $48.9 a barrel.
"Russian assets today are under serious pressure," Teletrade analyst Mark Goykhman said in a note.
"Both because of the flight from risk on markets and because of the fall in oil."
Deputy Finance Minister Alexei Moisseev told the TASS news agency that the vote for Brexit didn't contain serious risks for Russia but would diminish investors' risk appetite.
Some analysts said they expected Russian assets to regain ground once the initial shock had passed.
"It's entirely possible there will be a recovery in Russian shares, bonds and currency as the factors that have led to a doubling of the oil price since the beginning of the year aren't at all connected with Britain and are still acting," BCS analyst Mark Bradford said in a note.
Analysts at Sberbank CIB said that the long-term impact for Russia would be muted as the country had minimal trade ties with Britain, but warned that Russian equities would suffer because it is a high-beta market.
"One possible silver lining for Russian financial markets is that an eventual UK departure from the EU could shake the EU's unanimous support of sanctions on Russia," they wrote.
"That said, the UK would likely continue bilateral sanctions on Russia, along with the US, in our view."
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