MOSCOW: The rouble plunged to its weakest level since early May past 70 against the dollar in early trade on Wednesday, extending weekly losses with fears over sanctions on Russian oil and gas spooking the market.

At 0608 GMT, the rouble was down 1.9% against the dollar at 70.20, after hitting 70.6775 earlier.

It had lost 1.4% to trade at 74.50 versus the euro, earlier crossing the 75 threshold for the first time since late April.

It had shed 1.6% against the yuan to 10.05, a near seven-month low.

The rouble has already lost more than 7% this week against the greenback, hampered by fears that an oil price cap and embargo will reduce Russia’s export revenues.

“The rouble has been catching down to the weakening of Russia’s balance of payments,” said Rachel Ziemba, founder of Ziemba Insights.

“In recent months Russian export revenues have fallen as it sharply reduced gas exports and the EU oil embargo is limiting oil revenues.” Brent crude oil, a global benchmark for Russia’s main export, was up 0.3% at $80.2 a barrel.

Russian rouble tumbles past 65 vs dollar, weakest since May

The rouble remains the world’s best-performing currency this year, supported by capital controls and an initial collapse in imports as a result of Western sanctions over Russia’s actions in Ukraine.