The Russian Ruble depreciated against the U.S. dollar in the European session on Monday, as oil prices collapsed after Russia rejected deeper oil production cuts proposed by Saudi Arabia at the talks in Vienna.

Saudi launched an all-out oil price war by cutting its official oil prices and pledging to ramp up production following the breakdown in talks between OPEC and Russia.

The spread of virus sparked fears over a worldwide recession.

The Russian Ruble fell to a 4-year low of 75.47 versus the greenback, compared to Friday's closing value of 68.55. Next key support for the Russian currency is seen around the 80.00 level.

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