MOSCOW: The rouble weakened sharply on Monday, hit by a sell-off on the oil market sparked by fears over a fast-spreading new coronavirus strain and Russia-specific concerns about possible new sanctions.

The rouble has been on a recovery path since the US presidential election in early November and hit a four-month peak against the dollar last week before tumbling on Monday.

Russian markets took a hit after the incoming White House chief of staff said on Sunday that President-elect Joe Biden's response to a massive hacking campaign that allegedly involved Russian hackers would go beyond sanctions.

Russia has denied any role in the hacking.

The rouble was down 2.3% to 75.03 against the dollar as of 1428 GMT, moving away from its December peak of 72.6475 touched last week.

"Volatility in the rouble until the year-end will be higher than in November and the first half of December," Sberbank Asset Management said, predicting the rouble to stay within a range of 73-76.5 against the dollar in the short term.

Versus the euro, the rouble lost 2.1% to 91.67 , having hit 91.85, its weakest since Nov. 13, earlier on Monday. Brent crude oil, the global benchmark for Russia's main export, was down 4.3% at $50.04 a barrel, dented by fears of a new strain of coronavirus that has shut down some of Britain and led to tighter restrictions in Europe.

These fears eclipsed market hopes related to a new stimulus deal in the United States where congressional leaders had reached agreement on a long-awaited bill to provide the first new aid in months to an economy hammered by the pandemic.

Russian stock indexes were lower. The dollar-denominated RTS index fell nearly 5% to 1,334.0 points. The rouble-based MOEX Russian index was 3% lower at 3,176.7 points, down from an all-time high of 3,318.39 hit last week.