Moscow's ruble-denominated exchange traded down about 0.36 percent at 1,494.32 about 45 minutes into the open after an opening that saw it decline in line with Asian markets by more than two percent.

The smaller dollar-denominated RTS trading floor also recovered some of its earlier losses and was down 1.49 percent at 1633.09 after recording its lowest close in 14 months on Monday.

The Russian currency continued to suffer as the price of oil, the country's key export, slid further on renewed global recession concerns.

The ruble shed 1.1 percent against the dollar and 1.6 percent against the single European currency in morning trading after similar losses on Monday.

Stocks "registered their biggest decline since the start of 2009," the Kommersant business daily wrote of Monday's market deterioration.

"Traders are describing what was happening on the exchanges as another 'Black Monday,'" it said.

Copyright AFP (Agence France-Presse), 2011